The case involves a petition filed by Standard Capital Markets Ltd. (the Applicant/Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Honey Builders Ltd. (the Respondent/Corporate Debtor). The petition stems from a financial debt owed by Honey Builders Ltd. to Standard Capital Markets Ltd. The debt originated from a loan facility initially extended by Sammaan Capital Ltd. (SCL) to Veer Chemicals Pvt. Ltd. (Veer), with Honey Builders Ltd. later becoming a co-borrower and guarantor. SCL subsequently assigned its rights under the loan agreement to Standard Capital Markets Ltd. The Applicant claims that the Corporate Debtor defaulted on its payment obligations,
…Veer Chemicals Pvt. Ltd. sought loan facilities from Sammaan Capital Ltd. (SCL) for construction activities. SCL issued a letter sanctioning the financial facility. SCL and Veer entered into a Loan Agreement for Rs. 150,00,00,000/- dated 2018-10-30. SCL disbursed the amount to Veer on 2018-11-02. Honey Builders Ltd. and other sister concerns executed a Memorandum of Entry on 2020-11-28 creating a first-ranking mortgage in favor of SCL with respect to land. They also executed a Deed of Hypothecation in favor of SCL. On 2020-10-01, SCL and Veer executed an Addendum Agreement extending the term of the Loan Agreement until 2025-10-05. The payment terms were modified to a uniform system of quarterly payments. SCL executed a Deed of Assignment dated 2024-10-01 in favor of
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SCL and Veer entered…
SCL disburs…
The case involves a petition filed by Standard Capital Markets Ltd. (the Applicant/Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Honey Builders Ltd. (the Respondent/Corporate Debtor). The petition stems from a financial debt owed by Honey Builders Ltd. to Standard Capital Markets Ltd. The debt originated from a loan facility initially extended by Sammaan Capital Ltd. (SCL) to Veer Chemicals Pvt. Ltd. (Veer), with Honey Builders Ltd. later becoming a co-borrower and guarantor. SCL subsequently assigned its rights under the loan agreement to Standard Capital Markets Ltd. The Applicant claims that the Corporate Debtor defaulted on its payment obligations,
…Veer Chemicals Pvt. Ltd. sought loan facilities from Sammaan Capital Ltd. (SCL) for construction activities. SCL issued a letter sanctioning the financial facility. SCL and Veer entered into a Loan Agreement for Rs. 150,00,00,000/- dated 2018-10-30. SCL disbursed the amount to Veer on 2018-11-02. Honey Builders Ltd. and other sister concerns executed a Memorandum of Entry on 2020-11-28 creating a first-ranking mortgage in favor of SCL with respect to land. They also executed a Deed of Hypothecation in favor of SCL. On 2020-10-01, SCL and Veer executed an Addendum Agreement extending the term of the Loan Agreement until 2025-10-05. The payment terms were modified to a uniform system of quarterly payments. SCL executed a Deed of Assignment dated 2024-10-01 in favor of
…SCL and Veer entered…
SCL disburs…