The case involves a petition filed by Shapoorji Pallonji Development Managers Pvt. Ltd. (the Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Grand Vacations Pvt. Ltd. (the Corporate Debtor). The Financial Creditor extended a loan of Rs.28.50 crores to the Corporate Debtor, which was disbursed on 29.03.2019. The Corporate Debtor defaulted on 26.09.2019.
Shapoorji Pallonji Development Managers Pvt. Ltd. (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Grand Vacations Pvt. Ltd. (Corporate Debtor). The Financial Creditor had extended a loan of Rs. 28.50 crores to the Corporate Debtor on 29.03.2019, and the Corporate Debtor defaulted on 26.09.2019. The Corporate Debtor did not appear for the hearings despite being served a court notice and newspaper publications. The Financial Creditor submitted documents, including a facility agreement, deed of hypothecation, irrevocable power of attorney, deed of corporate guarantee, and indemnity-cum-undertaking. The Corporate Debtor neither filed any reply to the
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The Financial Creditor extended a loan of…
The Corporate Debtor…
The case involves a petition filed by Shapoorji Pallonji Development Managers Pvt. Ltd. (the Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Grand Vacations Pvt. Ltd. (the Corporate Debtor). The Financial Creditor extended a loan of Rs.28.50 crores to the Corporate Debtor, which was disbursed on 29.03.2019. The Corporate Debtor defaulted on 26.09.2019.
Shapoorji Pallonji Development Managers Pvt. Ltd. (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Grand Vacations Pvt. Ltd. (Corporate Debtor). The Financial Creditor had extended a loan of Rs. 28.50 crores to the Corporate Debtor on 29.03.2019, and the Corporate Debtor defaulted on 26.09.2019. The Corporate Debtor did not appear for the hearings despite being served a court notice and newspaper publications. The Financial Creditor submitted documents, including a facility agreement, deed of hypothecation, irrevocable power of attorney, deed of corporate guarantee, and indemnity-cum-undertaking. The Corporate Debtor neither filed any reply to the
…The Financial Creditor extended a loan of…
The Corporate Debtor…