Catalyst Trusteeship Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Manjeera Constructions Limited. The petition was based on the Corporate Debtor's default in making payments against a term loan facility. Manjeera Constructions Limited had entered into Development Agreements with the Andhra Pradesh Housing Board (APHB) for a project, and later approached Altico Capital India Limited for financial assistance, which sanctioned a term loan facility. Due to COVID-19, the repayment schedule was extended, but defaults continued. Altico assigned its rights to Catalyst Trusteeship Limited.
Catalyst Trusteeship Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Manjeera Constructions Limited. The Corporate Debtor, Manjeera Constructions Limited, had entered into Development Agreements with Andhra Pradesh Housing Board (APHB) for project execution. To refinance the project, Manjeera Constructions Limited approached Altico Capital India Limited (Altico) for financial assistance. Altico sanctioned a term loan facility of Rs. 325,00,00,000/- vide a Facility Agreement dated 2018-08-13. Altico disbursed Rs. 274,80,00,000/- in two tranches. Subsequently, Altico assigned a portion of the facility (Rs. 25,00,00,000/-) to Fedbank. Due to COVID-19, Altico granted moratorium and relaxations to Manjeera
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Andhra Pradesh Housing Board (APHB) and…
Andhra Pradesh Housing Board (APHB) and…
Catalyst Trusteeship Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Manjeera Constructions Limited. The petition was based on the Corporate Debtor's default in making payments against a term loan facility. Manjeera Constructions Limited had entered into Development Agreements with the Andhra Pradesh Housing Board (APHB) for a project, and later approached Altico Capital India Limited for financial assistance, which sanctioned a term loan facility. Due to COVID-19, the repayment schedule was extended, but defaults continued. Altico assigned its rights to Catalyst Trusteeship Limited.
Catalyst Trusteeship Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Manjeera Constructions Limited. The Corporate Debtor, Manjeera Constructions Limited, had entered into Development Agreements with Andhra Pradesh Housing Board (APHB) for project execution. To refinance the project, Manjeera Constructions Limited approached Altico Capital India Limited (Altico) for financial assistance. Altico sanctioned a term loan facility of Rs. 325,00,00,000/- vide a Facility Agreement dated 2018-08-13. Altico disbursed Rs. 274,80,00,000/- in two tranches. Subsequently, Altico assigned a portion of the facility (Rs. 25,00,00,000/-) to Fedbank. Due to COVID-19, Altico granted moratorium and relaxations to Manjeera
…Andhra Pradesh Housing Board (APHB) and…
Andhra Pradesh Housing Board (APHB) and…