Phoenix ARC Private Limited, a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Karni Developers and Construction Company Private Limited, the corporate debtor, for defaulting on a payment of Rs. 5,05,89,698/-. The corporate debtor is involved in the construction business. The corporate debtor had initially availed a term loan of Rs. 15 Crores from Union Bank of India, which was later assigned to Phoenix ARC Private Limited. Subsequently, the assigned debt was restructured, and a Memorandum of Compromise for a settlement amount of Rs. 18.10 Crore was entered into between the corporate debtor and the financial creditor. The corporate debtor sought
…Phoenix ARC Private Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Karni Developers and Construction Company Private Limited (Corporate Debtor) due to a default in payment of Rs. 5,05,89,698/-. The Corporate Debtor, involved in the construction business, initially availed a term loan of Rs. 15 Crores from Union Bank of India, sanctioned on 02.12.2005. This loan was later assigned to Phoenix ARC Private Limited on 03.12.2013. Subsequently, the debt was restructured, and a Memorandum of Compromise for a settlement amount of Rs. 18.10 Crore was agreed upon. The Corporate Debtor then sought additional funding, leading to a new term loan of Rs.
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Union Bank of India…
Union Bank of India…
Phoenix ARC Private Limited, a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Karni Developers and Construction Company Private Limited, the corporate debtor, for defaulting on a payment of Rs. 5,05,89,698/-. The corporate debtor is involved in the construction business. The corporate debtor had initially availed a term loan of Rs. 15 Crores from Union Bank of India, which was later assigned to Phoenix ARC Private Limited. Subsequently, the assigned debt was restructured, and a Memorandum of Compromise for a settlement amount of Rs. 18.10 Crore was entered into between the corporate debtor and the financial creditor. The corporate debtor sought
…Phoenix ARC Private Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Karni Developers and Construction Company Private Limited (Corporate Debtor) due to a default in payment of Rs. 5,05,89,698/-. The Corporate Debtor, involved in the construction business, initially availed a term loan of Rs. 15 Crores from Union Bank of India, sanctioned on 02.12.2005. This loan was later assigned to Phoenix ARC Private Limited on 03.12.2013. Subsequently, the debt was restructured, and a Memorandum of Compromise for a settlement amount of Rs. 18.10 Crore was agreed upon. The Corporate Debtor then sought additional funding, leading to a new term loan of Rs.
…Union Bank of India…
Union Bank of India…