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 owed by Nellai Realtors to Piramal Capital. The financial creditor claimed a debt of Rs. 75,00,52,572/-. The corporate debtor, along with other co-borrowers, had taken a loan from the financial creditor, secured by mortgages and personal guarantees. The corporate debtor defaulted on the repayment, leading to the application for CIRP.
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 Corporate Debtor, along with 19 other associate companies, had requested financial assistance towards a mortgage loan. The Financial Creditor sanctioned a loan of Rs. 20,00,00,000/- jointly to the Corporate Debtor and the Co-Borrowers, secured by joint mortgage of immovable properties. The Corporate Debtor and the Co-Borrowers executed a Loan Agreement and a Demand Promissory Note. The Corporate Debtor defaulted on the repayment, and the account was classified as Non-Performing Asset (NPA) on
…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 owed by Nellai Realtors to Piramal Capital. The financial creditor claimed a debt of Rs. 75,00,52,572/-. The corporate debtor, along with other co-borrowers, had taken a loan from the financial creditor, secured by mortgages and personal guarantees. The corporate debtor defaulted on the repayment, leading to the application for CIRP.
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 Corporate Debtor, along with 19 other associate companies, had requested financial assistance towards a mortgage loan. The Financial Creditor sanctioned a loan of Rs. 20,00,00,000/- jointly to the Corporate Debtor and the Co-Borrowers, secured by joint mortgage of immovable properties. The Corporate Debtor and the Co-Borrowers executed a Loan Agreement and a Demand Promissory Note. The Corporate Debtor defaulted on the repayment, and the account was classified as Non-Performing Asset (NPA) on
…Sanction letter issued…
Common Loan Agreement…