L&T Finance Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Perpendicular Construction Private Limited, the Corporate Debtor. The Corporate Debtor had taken two loans from L&T Housing Finance Company Ltd (later merged with L&T Finance Limited) amounting to Rs. 90 crore and Rs. 50 crore. Loan agreements were executed, and disbursements were made. The Corporate Debtor defaulted on interest payments after June 15, 2021. The Financial Creditor classified the account as NPA on October 13, 2021, and issued a recall notice on November 25, 2021, demanding Rs. 1,27,14,93,543.02. The Corporate Debtor argued against the application, claiming no actual
…1. L&T Finance Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Perpendicular Construction Private Limited (Corporate Debtor).
2. The Corporate Debtor submitted two loan applications on November 15, 2019, to L&T Housing Finance Company Ltd, which sanctioned loans of Rs. 90 crore and Rs. 50 crore. L&T Housing Finance Company Ltd later merged with L&T Finance Limited.
3. The Financial Creditor sanctioned the loans on January 9, 2020, and August 6, 2020. Loan and Facility Agreements were executed on January 14, 2020, and September 10, 2020, respectively.
4. Rs. 86 crore out of the first loan and Rs. 40.25 crore out of the
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Corporate Debtor…
Financial Cr…
L&T Finance Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Perpendicular Construction Private Limited, the Corporate Debtor. The Corporate Debtor had taken two loans from L&T Housing Finance Company Ltd (later merged with L&T Finance Limited) amounting to Rs. 90 crore and Rs. 50 crore. Loan agreements were executed, and disbursements were made. The Corporate Debtor defaulted on interest payments after June 15, 2021. The Financial Creditor classified the account as NPA on October 13, 2021, and issued a recall notice on November 25, 2021, demanding Rs. 1,27,14,93,543.02. The Corporate Debtor argued against the application, claiming no actual
…1. L&T Finance Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Perpendicular Construction Private Limited (Corporate Debtor).
2. The Corporate Debtor submitted two loan applications on November 15, 2019, to L&T Housing Finance Company Ltd, which sanctioned loans of Rs. 90 crore and Rs. 50 crore. L&T Housing Finance Company Ltd later merged with L&T Finance Limited.
3. The Financial Creditor sanctioned the loans on January 9, 2020, and August 6, 2020. Loan and Facility Agreements were executed on January 14, 2020, and September 10, 2020, respectively.
4. Rs. 86 crore out of the first loan and Rs. 40.25 crore out of the
Corporate Debtor…
Financial Cr…