The case involves an application filed by Piramal Trusteeship Services Private Limited, the security trustee of Piramal Capital and Housing Finance Limited (PCHFL), under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, Greenlace Builders and Developers Private Limited. PCHFL had sanctioned a Term Loan of Rs. 55 crores to Asten Realtors Private Limited, with Greenlace Builders acting as a corporate guarantor. Asten Realtors was admitted to CIRP on 2023-01-25. The Financial Creditor invoked the corporate guarantee on the Corporate Debtor due to the default by the principal borrower.
Piramal Trusteeship Services Private Limited, acting as the security trustee for Piramal Capital and Housing Finance Limited (PCHFL), filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Greenlace Builders and Developers Private Limited, the Corporate Debtor. PCHFL had sanctioned a Term Loan of Rs. 55 crores to Asten Realtors Private Limited, the principal borrower, on 2019-01-22. Greenlace Builders and Developers Private Limited acted as a corporate guarantor for the loan. Asten Realtors Private Limited was admitted to CIRP on 2023-01-25. Due to the default by the principal borrower, PCHFL invoked the corporate guarantee against Greenlace Builders and Developers Private
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Piramal Capital and Housing Finance Limited…
Loan agreement…
The case involves an application filed by Piramal Trusteeship Services Private Limited, the security trustee of Piramal Capital and Housing Finance Limited (PCHFL), under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, Greenlace Builders and Developers Private Limited. PCHFL had sanctioned a Term Loan of Rs. 55 crores to Asten Realtors Private Limited, with Greenlace Builders acting as a corporate guarantor. Asten Realtors was admitted to CIRP on 2023-01-25. The Financial Creditor invoked the corporate guarantee on the Corporate Debtor due to the default by the principal borrower.
Piramal Trusteeship Services Private Limited, acting as the security trustee for Piramal Capital and Housing Finance Limited (PCHFL), filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Greenlace Builders and Developers Private Limited, the Corporate Debtor. PCHFL had sanctioned a Term Loan of Rs. 55 crores to Asten Realtors Private Limited, the principal borrower, on 2019-01-22. Greenlace Builders and Developers Private Limited acted as a corporate guarantor for the loan. Asten Realtors Private Limited was admitted to CIRP on 2023-01-25. Due to the default by the principal borrower, PCHFL invoked the corporate guarantee against Greenlace Builders and Developers Private
…Piramal Capital and Housing Finance Limited…
Loan agreement…