Piramal Capital & Housing Finance Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Nellai Realtors Private Limited, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The application was based on a financial debt and alleged default by the corporate debtor. The financial creditor claimed a debt of Rs. 75,00,52,572/-. The corporate debtor contested the application, primarily on the grounds of the date of default and limitation.
Piramal Capital & Housing Finance Limited (Financial Creditor) filed an application against Nellai Realtors Private Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Financial Creditor claimed a debt of Rs. 75,00,52,572/-. The debt arose from a loan facility sanctioned to the Corporate Debtor and several co-borrowers. The loan was secured by a mortgage of immovable properties and personal guarantees of the directors of the Corporate Debtor and co-borrowers. The date of default was averred as 09.08.2017. The Corporate Debtor argued that the date of default was incorrect and the application was barred by limitation. The Corporate Debtor had made part payments and acknowledged the debt in writing after the initial default. The
…Sign in to view the parties.
Sanction letter issued…
Common Loan Agreement…
Piramal Capital & Housing Finance Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Nellai Realtors Private Limited, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The application was based on a financial debt and alleged default by the corporate debtor. The financial creditor claimed a debt of Rs. 75,00,52,572/-. The corporate debtor contested the application, primarily on the grounds of the date of default and limitation.
Piramal Capital & Housing Finance Limited (Financial Creditor) filed an application against Nellai Realtors Private Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Financial Creditor claimed a debt of Rs. 75,00,52,572/-. The debt arose from a loan facility sanctioned to the Corporate Debtor and several co-borrowers. The loan was secured by a mortgage of immovable properties and personal guarantees of the directors of the Corporate Debtor and co-borrowers. The date of default was averred as 09.08.2017. The Corporate Debtor argued that the date of default was incorrect and the application was barred by limitation. The Corporate Debtor had made part payments and acknowledged the debt in writing after the initial default. The
…Sanction letter issued…
Common Loan Agreement…