State Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against G.M. Infinite Dwelling (India) Private Limited, citing a default of Rs. 64,08,12,642/-. The corporate debtor had requested credit facilities in 2018 for a villa project, which the financial creditor granted. The corporate debtor defaulted on payments, leading to the account being classified as a non-performing asset (NPA). The financial creditor issued a demand notice and migrated the loan account to its Stressed Assets Management Branch. Despite settlement offers and provisional NOCs for the sale of villas, the corporate debtor failed to meet its commitments, prompting the financial creditor to file the
…G.M. Infinite Dwelling (India) Private Limited requested credit facilities from State Bank of India on 2018-04-12 for a villa project named "GM Townsville". State Bank of India granted credit facilities via a Letter of Arrangement dated 2018-07-06, sanctioning Rs. 53,79,88,991/-. The Corporate Debtor and the land owner created an equitable mortgage. A Guarantee Agreement was executed on 2018-07-06 by M/s Patel Engineering Ltd and M/s Gulam Mustafa Enterprises. The Corporate Debtor failed to make repayments, with the first installment due on 2022-09-05. The Date of Default is 2022-10-05. The account became a Non-Performing Asset (NPA) on 2022-12-04. The total outstanding default amount is Rs. 64,08,12,642/- as of 2023-08-31. The Financial Creditor issued a
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Corporate Debtor…
State Bank of India…
State Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against G.M. Infinite Dwelling (India) Private Limited, citing a default of Rs. 64,08,12,642/-. The corporate debtor had requested credit facilities in 2018 for a villa project, which the financial creditor granted. The corporate debtor defaulted on payments, leading to the account being classified as a non-performing asset (NPA). The financial creditor issued a demand notice and migrated the loan account to its Stressed Assets Management Branch. Despite settlement offers and provisional NOCs for the sale of villas, the corporate debtor failed to meet its commitments, prompting the financial creditor to file the
…G.M. Infinite Dwelling (India) Private Limited requested credit facilities from State Bank of India on 2018-04-12 for a villa project named "GM Townsville". State Bank of India granted credit facilities via a Letter of Arrangement dated 2018-07-06, sanctioning Rs. 53,79,88,991/-. The Corporate Debtor and the land owner created an equitable mortgage. A Guarantee Agreement was executed on 2018-07-06 by M/s Patel Engineering Ltd and M/s Gulam Mustafa Enterprises. The Corporate Debtor failed to make repayments, with the first installment due on 2022-09-05. The Date of Default is 2022-10-05. The account became a Non-Performing Asset (NPA) on 2022-12-04. The total outstanding default amount is Rs. 64,08,12,642/- as of 2023-08-31. The Financial Creditor issued a
…Corporate Debtor…
State Bank of India…