Reliance Net Limited ('RNL'), the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Maan Sarovar Properties Development Private Limited, the Corporate Debtor, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed a default of Rs. 255,45,22,996/- as of 31.10.2020, along with interest. The Corporate Debtor disputed the debt, citing a pending civil suit in the Bombay High Court and arguing that the application was barred by limitation.
Reliance Net Limited ('RNL') extended a financial assistance of Rs. 66,00,00,000/- to Maan Sarovar Properties Development Private Limited under a Loan Agreement dated 23.12.2009, with an interest rate of 20% p.a. The Corporate Debtor failed to repay the loan, leading to a Supplemental Loan Agreement dated 26.04.2013. Despite restructuring, the Corporate Debtor continued to default, and post-dated cheques were dishonored. A demand notice was issued on 09.10.2020. The Financial Creditor claimed Rs. 255,45,22,996/- as due as of 31.10.2020. The Corporate Debtor disputed the debt, citing a pending civil suit in the Bombay High Court for recovery of Rs. 118,76,64,226/- and argued that the application was barred by limitation. The Financial Creditor filed IA/756/CHE/2021 to
…Sign in to view the parties.
Reliance Net Limited sanctioned and…
A Supplemental Loan Agreement was entered into…
Reliance Net Limited ('RNL'), the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Maan Sarovar Properties Development Private Limited, the Corporate Debtor, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed a default of Rs. 255,45,22,996/- as of 31.10.2020, along with interest. The Corporate Debtor disputed the debt, citing a pending civil suit in the Bombay High Court and arguing that the application was barred by limitation.
Reliance Net Limited ('RNL') extended a financial assistance of Rs. 66,00,00,000/- to Maan Sarovar Properties Development Private Limited under a Loan Agreement dated 23.12.2009, with an interest rate of 20% p.a. The Corporate Debtor failed to repay the loan, leading to a Supplemental Loan Agreement dated 26.04.2013. Despite restructuring, the Corporate Debtor continued to default, and post-dated cheques were dishonored. A demand notice was issued on 09.10.2020. The Financial Creditor claimed Rs. 255,45,22,996/- as due as of 31.10.2020. The Corporate Debtor disputed the debt, citing a pending civil suit in the Bombay High Court for recovery of Rs. 118,76,64,226/- and argued that the application was barred by limitation. The Financial Creditor filed IA/756/CHE/2021 to
…Reliance Net Limited sanctioned and…
A Supplemental Loan Agreement was entered into…