The case involves an application for the substitution of the applicant, Reliance Commercial Finance Ltd, in place of the erstwhile financial creditor, Reliance Home Finance Ltd, in a Corporate Insolvency Resolution Process (CIRP) against MKHS Realty. Reliance Home Finance Ltd had advanced credit facilities to MKHS Realty, which defaulted on payments, leading to the account being declared a nonperforming asset. Subsequently, Reliance Home Finance Ltd initiated CIRP under Section 7 of the I&B Code. During the CIRP, a resolution plan submitted by Authum Investment and Infrastructure Ltd (AIIL) was approved by the Supreme Court. Meanwhile, Reliance Home Finance Ltd entered into a Business Transfer Agreement with Reliance Commercial Finance Ltd, transferring its entire
…Reliance Home Finance Limited (RHF) advanced credit facilities of Rs. 23,50,00,000 to MKHS Realty (MKHS) under a loan agreement dated 2017-02-28. MKHS defaulted on payments from 2019-06-30, leading to its account being classified as a non-performing asset on 2019-05-13. RHF issued a loan recall notice on 2019-01-22, claiming Rs. 11,34,13,847. RHF also issued a notice on 2019-07-06 under Section 13(2) of the SARFAESI Act. As of 2019-09-18, Rs. 12,79,80,498 was due from MKHS. RHF initiated CIRP against MKHS under Section 7 of the I&B Code. During the CIRP, a resolution plan by Authum Investment and Infrastructure Ltd (AIIL) was approved by the Supreme Court. A Business Transfer Agreement was executed on 2023-03-29 between RHF and Reliance Commercial Finance Limited
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Reliance Home Finance…
MKHS Realty de…
The case involves an application for the substitution of the applicant, Reliance Commercial Finance Ltd, in place of the erstwhile financial creditor, Reliance Home Finance Ltd, in a Corporate Insolvency Resolution Process (CIRP) against MKHS Realty. Reliance Home Finance Ltd had advanced credit facilities to MKHS Realty, which defaulted on payments, leading to the account being declared a nonperforming asset. Subsequently, Reliance Home Finance Ltd initiated CIRP under Section 7 of the I&B Code. During the CIRP, a resolution plan submitted by Authum Investment and Infrastructure Ltd (AIIL) was approved by the Supreme Court. Meanwhile, Reliance Home Finance Ltd entered into a Business Transfer Agreement with Reliance Commercial Finance Ltd, transferring its entire
…Reliance Home Finance Limited (RHF) advanced credit facilities of Rs. 23,50,00,000 to MKHS Realty (MKHS) under a loan agreement dated 2017-02-28. MKHS defaulted on payments from 2019-06-30, leading to its account being classified as a non-performing asset on 2019-05-13. RHF issued a loan recall notice on 2019-01-22, claiming Rs. 11,34,13,847. RHF also issued a notice on 2019-07-06 under Section 13(2) of the SARFAESI Act. As of 2019-09-18, Rs. 12,79,80,498 was due from MKHS. RHF initiated CIRP against MKHS under Section 7 of the I&B Code. During the CIRP, a resolution plan by Authum Investment and Infrastructure Ltd (AIIL) was approved by the Supreme Court. A Business Transfer Agreement was executed on 2023-03-29 between RHF and Reliance Commercial Finance Limited
…Reliance Home Finance…
MKHS Realty de…