DMI Finance Private Limited filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Hoysala Projects Private Limited, alleging default on a loan facility. The Financial Creditor claimed that the Corporate Debtor defaulted on payments amounting to Rs. 2,00,80,418 as of September 15, 2021. The Corporate Debtor opposed the petition, contending that the default was due to a delay in payment for the September 2021 quarter, which had been subsequently paid. The Corporate Debtor also argued that the loan account was standard and not an NPA, and that the petition was not maintainable as there was no existing financial debt or default.
DMI Finance Private Limited (Financial Creditor) granted a loan facility to Hoysala Projects Private Limited (Corporate Debtor). The loan agreement was dated 14.05.2019, with disbursement on 24.05.2019. The tenure of the loan was 48 months, with repayment in 12 quarterly installments after a moratorium period. Mr. Sateesh Tirumali Srirangachar and Ms. Hinal Tirumali Sateesh stood as guarantors for the loan. The loan was secured by a first and exclusive charge on the projects and project land, as well as hypothecation over project receivables and moveable assets. The Corporate Debtor was required to deposit project receivables into a designated Escrow Account. The Financial Creditor claimed a default of Rs. 2,00,80,418 as of 15.09.2021. The Corporate Debtor made
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Date of the loan agreement between DMI…
Date of disbursement of…
DMI Finance Private Limited filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Hoysala Projects Private Limited, alleging default on a loan facility. The Financial Creditor claimed that the Corporate Debtor defaulted on payments amounting to Rs. 2,00,80,418 as of September 15, 2021. The Corporate Debtor opposed the petition, contending that the default was due to a delay in payment for the September 2021 quarter, which had been subsequently paid. The Corporate Debtor also argued that the loan account was standard and not an NPA, and that the petition was not maintainable as there was no existing financial debt or default.
DMI Finance Private Limited (Financial Creditor) granted a loan facility to Hoysala Projects Private Limited (Corporate Debtor). The loan agreement was dated 14.05.2019, with disbursement on 24.05.2019. The tenure of the loan was 48 months, with repayment in 12 quarterly installments after a moratorium period. Mr. Sateesh Tirumali Srirangachar and Ms. Hinal Tirumali Sateesh stood as guarantors for the loan. The loan was secured by a first and exclusive charge on the projects and project land, as well as hypothecation over project receivables and moveable assets. The Corporate Debtor was required to deposit project receivables into a designated Escrow Account. The Financial Creditor claimed a default of Rs. 2,00,80,418 as of 15.09.2021. The Corporate Debtor made
…Date of the loan agreement between DMI…
Date of disbursement of…