PNB Housing Finance Limited filed an application (I.A No. 1299/KB/2023) in an ongoing corporate insolvency resolution process (CIRP) against New Hind Silk House Private Limited. The application contests the Interim Resolution Professional's (IRP) rejection of a portion of PNB Housing Finance's claim. The corporate debtor had approached PNB Housing Finance for a non-housing loan for business expansion, offering properties as mortgage. Multiple loan and disbursement letters were executed. The corporate debtor defaulted on repayment, leading to the account being declared a non-performing asset. PNB Housing Finance issued a notice under Section 13(2) of the SARFAESI Act. A one-time settlement (OTS) was proposed but not fully executed by the corporate debtor. PNB Housing
…Rahul Hydrocarbon Commercial Private Limited is the financial creditor. New Hind Silk House Private Limited is the corporate debtor. PNB Housing Finance Limited, the applicant, provided a non-housing loan to New Hind Silk House Private Limited for business expansion, secured by a mortgage on properties. The loan was sanctioned on January 18, 2018, with disbursement on January 19, 2018. A supplemental agreement was executed on November 30, 2020, for additional loan. The corporate debtor defaulted on repayment, leading to the account being classified as a non-performing asset on May 12, 2022. PNB Housing Finance issued a notice under Section 13(2) of the SARFAESI Act on May 16, 2022, demanding Rs 6,25,85,029.85. A one-time settlement (OTS) was proposed on February 15,
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PNB Housing Finance Limited filed an application (I.A No. 1299/KB/2023) in an ongoing corporate insolvency resolution process (CIRP) against New Hind Silk House Private Limited. The application contests the Interim Resolution Professional's (IRP) rejection of a portion of PNB Housing Finance's claim. The corporate debtor had approached PNB Housing Finance for a non-housing loan for business expansion, offering properties as mortgage. Multiple loan and disbursement letters were executed. The corporate debtor defaulted on repayment, leading to the account being declared a non-performing asset. PNB Housing Finance issued a notice under Section 13(2) of the SARFAESI Act. A one-time settlement (OTS) was proposed but not fully executed by the corporate debtor. PNB Housing
…Rahul Hydrocarbon Commercial Private Limited is the financial creditor. New Hind Silk House Private Limited is the corporate debtor. PNB Housing Finance Limited, the applicant, provided a non-housing loan to New Hind Silk House Private Limited for business expansion, secured by a mortgage on properties. The loan was sanctioned on January 18, 2018, with disbursement on January 19, 2018. A supplemental agreement was executed on November 30, 2020, for additional loan. The corporate debtor defaulted on repayment, leading to the account being classified as a non-performing asset on May 12, 2022. PNB Housing Finance issued a notice under Section 13(2) of the SARFAESI Act on May 16, 2022, demanding Rs 6,25,85,029.85. A one-time settlement (OTS) was proposed on February 15,
…Loan facility sanctioned by letter dated…
Parties executed…