The case involves an application (IA-2878 (PB)/2022) filed under Section 30(6) and 31 of the Insolvency & Bankruptcy Code, 2016, seeking approval of a Resolution Plan submitted by M/s Vasu Buildcon, a SPV of M/s Vasu Infrastructure Private Limited and M/s KPM Infrastructure Private Limited, for M/s IVR Prime IT SEZ Private Limited ('CD'). The CD had taken loans from Nupur Finvest (FC), with M/s Unnati Fortune Holdings Limited (UFHL) providing a corporate guarantee. CIRP was initiated against the CD due to default in repayment of loan. UFHL is also in CIRP.
M/s IVR Prime IT SEZ Private Limited ('CD') is undergoing CIRP. The CD had taken two loans from Nupur Finvest (FC) for working capital: ₹2,00,00,000 on 2016-01-28 and ₹1,45,17000 on 2017-03-30. M/s Unnati Fortune Holdings Limited (UFHL), the CD's holding company, provided a corporate guarantee for these loans. UFHL is also in CIRP. The CD's articles of association state its business as real estate, infrastructure, etc. The CD had a lease agreement with NOIDA for a plot of land (GH-05, Sector 144, Noida) measuring 1,00,000 sq. mtrs. The CD entered into a General Development Agreement (GDA) with UFHL on 2013-01-22. Nupur Finvest also gave loans to UFHL: ₹3,00,00,000 and ₹2,34,67,000 vide loan agreements dated 2016-01-28 & 2017-03-30. NOIDA had leased another plot of
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Nupur Finvest provided…
Loans were secured by hypothecation of 15 flats…
The case involves an application (IA-2878 (PB)/2022) filed under Section 30(6) and 31 of the Insolvency & Bankruptcy Code, 2016, seeking approval of a Resolution Plan submitted by M/s Vasu Buildcon, a SPV of M/s Vasu Infrastructure Private Limited and M/s KPM Infrastructure Private Limited, for M/s IVR Prime IT SEZ Private Limited ('CD'). The CD had taken loans from Nupur Finvest (FC), with M/s Unnati Fortune Holdings Limited (UFHL) providing a corporate guarantee. CIRP was initiated against the CD due to default in repayment of loan. UFHL is also in CIRP.
M/s IVR Prime IT SEZ Private Limited ('CD') is undergoing CIRP. The CD had taken two loans from Nupur Finvest (FC) for working capital: ₹2,00,00,000 on 2016-01-28 and ₹1,45,17000 on 2017-03-30. M/s Unnati Fortune Holdings Limited (UFHL), the CD's holding company, provided a corporate guarantee for these loans. UFHL is also in CIRP. The CD's articles of association state its business as real estate, infrastructure, etc. The CD had a lease agreement with NOIDA for a plot of land (GH-05, Sector 144, Noida) measuring 1,00,000 sq. mtrs. The CD entered into a General Development Agreement (GDA) with UFHL on 2013-01-22. Nupur Finvest also gave loans to UFHL: ₹3,00,00,000 and ₹2,34,67,000 vide loan agreements dated 2016-01-28 & 2017-03-30. NOIDA had leased another plot of
…Nupur Finvest provided…
Loans were secured by hypothecation of 15 flats…