The case involves a company petition filed by Indiabulls Housing Finance Ltd. against Dr. Subhash Chandra, who acted as a personal guarantor for loans extended to Vivek Infracon Private Limited and other entities. Indiabulls sought to initiate insolvency resolution process against Dr. Chandra under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016, due to defaults in loan repayments. The loans, totaling Rs. 726 crores, were secured by personal guarantees and securities. The financial creditor disbursed Rs. 170,00,00,000 in three tranches to Vivek Infracon Private Limited. Indiabulls issued notices to the borrowers and Dr. Chandra for non-maintenance of security cover and demanded repayment. A deed of guarantee was executed by Dr. Chandra on 05.12.2018,
…Indiabulls Housing Finance Ltd. extended financial facilities totaling Rs. 726 crores to Vivek Infracon Private Limited and other entities, secured by personal guarantees from Dr. Subhash Chandra and other securities. The loan agreement with Vivek Infracon Private Limited was dated 13.12.2016, with disbursements totaling Rs. 170,00,00,000. Indiabulls issued a notice on 14.11.2018 to the borrowers for non-maintenance of minimum security cover, demanding either Rs. 287,85,49,976 or additional shares worth Rs. 341,82,78,097. An additional undertaking was given on 29.11.2018, committing to a prepayment of Rs. 100 crores by 31.12.2018 and execution of a guarantee deed by Dr. Chandra by 05.12.2018. Dr. Chandra executed a deed of guarantee on 05.12.2018, committing to pay Rs.
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Loan agreement between…
Indiabulls Housing Finance Ltd. issued a notice…
The case involves a company petition filed by Indiabulls Housing Finance Ltd. against Dr. Subhash Chandra, who acted as a personal guarantor for loans extended to Vivek Infracon Private Limited and other entities. Indiabulls sought to initiate insolvency resolution process against Dr. Chandra under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016, due to defaults in loan repayments. The loans, totaling Rs. 726 crores, were secured by personal guarantees and securities. The financial creditor disbursed Rs. 170,00,00,000 in three tranches to Vivek Infracon Private Limited. Indiabulls issued notices to the borrowers and Dr. Chandra for non-maintenance of security cover and demanded repayment. A deed of guarantee was executed by Dr. Chandra on 05.12.2018,
…Indiabulls Housing Finance Ltd. extended financial facilities totaling Rs. 726 crores to Vivek Infracon Private Limited and other entities, secured by personal guarantees from Dr. Subhash Chandra and other securities. The loan agreement with Vivek Infracon Private Limited was dated 13.12.2016, with disbursements totaling Rs. 170,00,00,000. Indiabulls issued a notice on 14.11.2018 to the borrowers for non-maintenance of minimum security cover, demanding either Rs. 287,85,49,976 or additional shares worth Rs. 341,82,78,097. An additional undertaking was given on 29.11.2018, committing to a prepayment of Rs. 100 crores by 31.12.2018 and execution of a guarantee deed by Dr. Chandra by 05.12.2018. Dr. Chandra executed a deed of guarantee on 05.12.2018, committing to pay Rs.
…Loan agreement between…
Indiabulls Housing Finance Ltd. issued a notice…