The case pertains to an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Assets Care and Reconstruction Enterprise Limited (formerly Altico Capital India Limited) against Mid-City Superstructures Private Limited, the Corporate Debtor (CD), for initiating the Corporate Insolvency Resolution Process (CIRP). The application was originally filed by Altico Capital India Limited on 2019-11-25. Subsequently, Altico Capital India Limited assigned the loan assets to Assets Care and Reconstruction Enterprise Limited. The application seeks to recover a default amount of Rs. 257,52,97,623/- as of 2019-11-15.
Altico Capital India Limited (now Assets Care and Reconstruction Enterprise Limited) extended loan facilities to Orbit Venture Developers, with Mid-City Superstructures Private Limited (the Corporate Debtor) acting as a guarantor. Two facility agreements were executed, one on 2016-06-30 and another on 2018-10-12, totaling Rs. 265,00,00,000/- and Rs. 95,00,00,000/- respectively. These loans were secured by various agreements, including Deeds of Guarantee and Share Pledge Agreements. The total debt disbursed was Rs. 3,45,00,00,000/- between 2016-03-31 and 2019-03-26. The Financial Creditor (FC) claimed a default of Rs. 257,52,97,623/- as of 2019-11-15, including principal, interest, and pending TDS. The FC issued an Acceleration and Enforcement Notice on 2019-10-11 and a
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Execution of Facility Agreement 1 between Orbit…
Date of one of the…
The case pertains to an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Assets Care and Reconstruction Enterprise Limited (formerly Altico Capital India Limited) against Mid-City Superstructures Private Limited, the Corporate Debtor (CD), for initiating the Corporate Insolvency Resolution Process (CIRP). The application was originally filed by Altico Capital India Limited on 2019-11-25. Subsequently, Altico Capital India Limited assigned the loan assets to Assets Care and Reconstruction Enterprise Limited. The application seeks to recover a default amount of Rs. 257,52,97,623/- as of 2019-11-15.
Altico Capital India Limited (now Assets Care and Reconstruction Enterprise Limited) extended loan facilities to Orbit Venture Developers, with Mid-City Superstructures Private Limited (the Corporate Debtor) acting as a guarantor. Two facility agreements were executed, one on 2016-06-30 and another on 2018-10-12, totaling Rs. 265,00,00,000/- and Rs. 95,00,00,000/- respectively. These loans were secured by various agreements, including Deeds of Guarantee and Share Pledge Agreements. The total debt disbursed was Rs. 3,45,00,00,000/- between 2016-03-31 and 2019-03-26. The Financial Creditor (FC) claimed a default of Rs. 257,52,97,623/- as of 2019-11-15, including principal, interest, and pending TDS. The FC issued an Acceleration and Enforcement Notice on 2019-10-11 and a
…Execution of Facility Agreement 1 between Orbit…
Date of one of the…