Indiabulls Housing Finance Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Essel Homes Private Limited due to a default of Rs. 2,60,98,26,700. The loan was originally sanctioned to Gnex Realtech Private Limited, with Essel Homes Private Limited acting as a co-borrower and guarantor. The Corporate Debtor raised several defenses, including that the debt was disbursed to Gnex, not Essel Homes, and that the petition was defective. The Adjudicating Authority considered the arguments and evidence presented by both parties.
Indiabulls Housing Finance Limited sanctioned a loan of Rs. 190,00,00,000 to Gnex Realtech Private Limited, with Essel Homes Private Limited acting as a co-borrower. The loan agreement was dated 03.06.2020. The entire amount was disbursed on 23.06.2020. Essel Homes Private Limited also pledged 2,16,00,050 equity shares of Gnex Realtech Private Limited as security. Essel Homes Private Limited failed to pay the interest and/or principal payable under the loan agreement, leading to a default. Indiabulls issued a notice dated 20.01.2022 to all borrowers, including Essel Homes. The total default amount was Rs. 2,60,98,26,700 as of January 28, 2022. Essel Homes argued that the debt was disbursed to Gnex, not them, and that the petition was defective. The first date of
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The entire amount of Rs. 190,00,00,000/- was…
Indiabulls Housing Finance Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Essel Homes Private Limited due to a default of Rs. 2,60,98,26,700. The loan was originally sanctioned to Gnex Realtech Private Limited, with Essel Homes Private Limited acting as a co-borrower and guarantor. The Corporate Debtor raised several defenses, including that the debt was disbursed to Gnex, not Essel Homes, and that the petition was defective. The Adjudicating Authority considered the arguments and evidence presented by both parties.
Indiabulls Housing Finance Limited sanctioned a loan of Rs. 190,00,00,000 to Gnex Realtech Private Limited, with Essel Homes Private Limited acting as a co-borrower. The loan agreement was dated 03.06.2020. The entire amount was disbursed on 23.06.2020. Essel Homes Private Limited also pledged 2,16,00,050 equity shares of Gnex Realtech Private Limited as security. Essel Homes Private Limited failed to pay the interest and/or principal payable under the loan agreement, leading to a default. Indiabulls issued a notice dated 20.01.2022 to all borrowers, including Essel Homes. The total default amount was Rs. 2,60,98,26,700 as of January 28, 2022. Essel Homes argued that the debt was disbursed to Gnex, not them, and that the petition was defective. The first date of
…The parties entered…
The entire amount of Rs. 190,00,00,000/- was…