Athena Constructions Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Parorch Developers LLP, the Corporate Debtor. The Financial Creditor claimed a default of Rs. 17,87,42,416/- in respect of an Inter Corporate Loan advanced to the Corporate Debtor between March 2022 and October 2022. The Corporate Debtor had requested financial assistance due to financial constraints in proceeding with a Slum Rehabilitation Authority (SRA) project. The Financial Creditor agreed to provide short-term financial assistance in the form of an Inter-Corporate Loan amounting to Rs. 12,00,00,000/- at an interest rate of 24% per annum for a tenure of
…Athena Constructions Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Parorch Developers LLP (Corporate Debtor). The claim was based on a default of Rs. 17,87,42,416/- related to an Inter-Corporate Loan. The Corporate Debtor, facing financial constraints with its Slum Rehabilitation Authority (SRA) project named "Trinity Tower", sought financial assistance from the Financial Creditor. An Inter-Corporate Loan of Rs. 12,00,00,000/- was agreed upon at a 24% annual interest rate for six months. The Financial Creditor disbursed Rs. 11,53,00,000/- between March 2022 and October 2022. The Corporate Debtor defaulted on repayment after six
…Sign in to view the parties.
Mr. Girish Amonker, Director of M/s Amonker…
The Financial Creditor disbursed the…
Athena Constructions Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Parorch Developers LLP, the Corporate Debtor. The Financial Creditor claimed a default of Rs. 17,87,42,416/- in respect of an Inter Corporate Loan advanced to the Corporate Debtor between March 2022 and October 2022. The Corporate Debtor had requested financial assistance due to financial constraints in proceeding with a Slum Rehabilitation Authority (SRA) project. The Financial Creditor agreed to provide short-term financial assistance in the form of an Inter-Corporate Loan amounting to Rs. 12,00,00,000/- at an interest rate of 24% per annum for a tenure of
…Athena Constructions Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Parorch Developers LLP (Corporate Debtor). The claim was based on a default of Rs. 17,87,42,416/- related to an Inter-Corporate Loan. The Corporate Debtor, facing financial constraints with its Slum Rehabilitation Authority (SRA) project named "Trinity Tower", sought financial assistance from the Financial Creditor. An Inter-Corporate Loan of Rs. 12,00,00,000/- was agreed upon at a 24% annual interest rate for six months. The Financial Creditor disbursed Rs. 11,53,00,000/- between March 2022 and October 2022. The Corporate Debtor defaulted on repayment after six
…Mr. Girish Amonker, Director of M/s Amonker…
The Financial Creditor disbursed the…