The case involves an application filed by Asset Reconstruction Company (India) Ltd. (ARCIL) under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Manyata Developers Pvt. Ltd. ARCIL, as the financial creditor, claims that Manyata Developers defaulted on a debt of Rs. 10,85,79,39,222/- as of April 15, 2022. The debt arises from loan facilities originally provided by L&T Finance Limited (LTFL), L&T Housing Finance Limited (LTHFL), and L&T Infrastructure Finance Company Limited (LTIFCL) to Manyata Developers, which were subsequently assigned to ARCIL. The application is contested by Manyata Developers, primarily on the grounds that the date of default falls within the period specified
…Manyata Developers Pvt. Ltd. obtained loan facilities from L&T Finance Limited (LTFL), L&T Housing Finance Limited (LTHFL), and L&T Infrastructure Finance Company Limited (LTIFCL). The loan agreements were executed on various dates, including September 26, 2017, and February 23, 2018. The loan facilities were for specific projects undertaken by Manyata Developers. Manyata Developers allegedly defaulted on its repayment obligations. LTHFL transferred a loan facility of Rs. 115 Crores to LTFL via an Assignment Agreement dated March 29, 2019. LTFL and LTIFCL assigned the loans to Asset Reconstruction Company (India) Ltd. (ARCIL) through Assignment Agreements dated March 30, 2021. ARCIL issued a Default Intimation cum Demand Notice dated October 27, 2021,
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Loan Agreement dated…
Loan Agreement dated…
The case involves an application filed by Asset Reconstruction Company (India) Ltd. (ARCIL) under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Manyata Developers Pvt. Ltd. ARCIL, as the financial creditor, claims that Manyata Developers defaulted on a debt of Rs. 10,85,79,39,222/- as of April 15, 2022. The debt arises from loan facilities originally provided by L&T Finance Limited (LTFL), L&T Housing Finance Limited (LTHFL), and L&T Infrastructure Finance Company Limited (LTIFCL) to Manyata Developers, which were subsequently assigned to ARCIL. The application is contested by Manyata Developers, primarily on the grounds that the date of default falls within the period specified
…Manyata Developers Pvt. Ltd. obtained loan facilities from L&T Finance Limited (LTFL), L&T Housing Finance Limited (LTHFL), and L&T Infrastructure Finance Company Limited (LTIFCL). The loan agreements were executed on various dates, including September 26, 2017, and February 23, 2018. The loan facilities were for specific projects undertaken by Manyata Developers. Manyata Developers allegedly defaulted on its repayment obligations. LTHFL transferred a loan facility of Rs. 115 Crores to LTFL via an Assignment Agreement dated March 29, 2019. LTFL and LTIFCL assigned the loans to Asset Reconstruction Company (India) Ltd. (ARCIL) through Assignment Agreements dated March 30, 2021. ARCIL issued a Default Intimation cum Demand Notice dated October 27, 2021,
…Loan Agreement dated…
Loan Agreement dated…