Piramal Capital & Housing Finance Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Porpoise Realtors Private Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The financial creditor claimed a debt of Rs. 75,00,52,572/- as of 31.03.2022. The corporate debtor, along with other co-borrowers, had requested financial assistance towards a mortgage loan, which led to a debt and subsequent default. The financial creditor disbursed Rs. 19,80,00,000/- against a sanctioned limit of Rs. 20,00,00,000/-. The corporate debtor made a part payment of Rs. 20,00,000/- on 09.08.2017 but failed to repay the outstanding dues, leading to the account being classified as NPA on 30.06.2015. The financial creditor
…Piramal Capital & Housing Finance Limited (Financial Creditor) filed an application against Porpoise Realtors Private Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of CIRP. The financial creditor claimed a debt of Rs. 75,00,52,572/- as of 31.03.2022, including principal (Rs. 17,79,06,000/-) and interest (Rs. 57,21,26,472/-). 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/- vide sanction letter dated 26.09.2014. The financial creditor disbursed Rs. 19,00,00,000/- on 30.09.2014 and Rs. 80,00,000/- on the same date, totaling Rs. 19,80,00,000/-. The corporate debtor made a
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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 Porpoise Realtors Private Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The financial creditor claimed a debt of Rs. 75,00,52,572/- as of 31.03.2022. The corporate debtor, along with other co-borrowers, had requested financial assistance towards a mortgage loan, which led to a debt and subsequent default. The financial creditor disbursed Rs. 19,80,00,000/- against a sanctioned limit of Rs. 20,00,00,000/-. The corporate debtor made a part payment of Rs. 20,00,000/- on 09.08.2017 but failed to repay the outstanding dues, leading to the account being classified as NPA on 30.06.2015. The financial creditor
…Piramal Capital & Housing Finance Limited (Financial Creditor) filed an application against Porpoise Realtors Private Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of CIRP. The financial creditor claimed a debt of Rs. 75,00,52,572/- as of 31.03.2022, including principal (Rs. 17,79,06,000/-) and interest (Rs. 57,21,26,472/-). 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/- vide sanction letter dated 26.09.2014. The financial creditor disbursed Rs. 19,00,00,000/- on 30.09.2014 and Rs. 80,00,000/- on the same date, totaling Rs. 19,80,00,000/-. The corporate debtor made a
…Sanction letter issued…
Common Loan Agreement…