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 financial creditor claimed a debt of Rs. 75,00,52,572/-. The corporate debtor, along with other co-borrowers, had requested financial assistance towards a mortgage loan, which led to a sanction letter dated 26.09.2014 for Rs. 20,00,00,000/-. The corporate debtor and co-borrowers jointly executed a loan agreement and deposited title deeds to create an equitable mortgage. The account was classified as Non-Performing Asset (NPA) on 30.06.2015. Despite part payments and acknowledgements of debt, the outstanding dues remained unpaid.
Piramal Capital & Housing Finance Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Nellai Realtors Private Limited (Corporate Debtor). 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 on 26.09.2014. The Corporate Debtor and the Co-Borrowers jointly executed a Loan Agreement and deposited title deeds to create an equitable mortgage. The date of default was averred as 09.08.2017. The account was classified as Non-Performing Asset (NPA) on 30.06.2015.
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Financial Creditor sanctioned a loan of Rs.…
Corporate Debtor and…
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 financial creditor claimed a debt of Rs. 75,00,52,572/-. The corporate debtor, along with other co-borrowers, had requested financial assistance towards a mortgage loan, which led to a sanction letter dated 26.09.2014 for Rs. 20,00,00,000/-. The corporate debtor and co-borrowers jointly executed a loan agreement and deposited title deeds to create an equitable mortgage. The account was classified as Non-Performing Asset (NPA) on 30.06.2015. Despite part payments and acknowledgements of debt, the outstanding dues remained unpaid.
Piramal Capital & Housing Finance Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Nellai Realtors Private Limited (Corporate Debtor). 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 on 26.09.2014. The Corporate Debtor and the Co-Borrowers jointly executed a Loan Agreement and deposited title deeds to create an equitable mortgage. The date of default was averred as 09.08.2017. The account was classified as Non-Performing Asset (NPA) on 30.06.2015.
…Financial Creditor sanctioned a loan of Rs.…
Corporate Debtor and…