Phoenix ARC Private Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Precision Realty Developers Private Limited, alleging default in payment of Rs. 1,18,95,06,176/-. The financial creditor, Phoenix ARC Private Limited, claimed that the corporate debtor, Precision Realty Developers Private Limited, defaulted on a loan facility originally sanctioned to Kaa Vee Retail Infra Private Limited, which later merged with the corporate debtor. The original loan was sanctioned by L & T Finance Limited, and subsequently assigned to Phoenix ARC Private Limited.
Phoenix ARC Private Limited, the financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Precision Realty Developers Private Limited, the corporate debtor. The claim was based on a default of Rs. 1,18,95,06,176/-. The original loan facility of INR 200 Crores was sanctioned to Kaa Vee Retail Infra Private Limited by L & T Finance Limited, the original lender, on 13th February, 2017. This loan was secured through various means, including pledging of shares, personal guarantees from promoters, and a deed of hypothecation. Kaa Vee Retail Infra Private Limited subsequently merged with Precision Realty Developers Private Limited via an order dated 8th May, 2019, passed by the NCLT, Mumbai, with the
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L & T Finance Limited sanctioned a Rupee Term…
NCLT, Mumbai approved the Scheme of Merger by…
Phoenix ARC Private Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Precision Realty Developers Private Limited, alleging default in payment of Rs. 1,18,95,06,176/-. The financial creditor, Phoenix ARC Private Limited, claimed that the corporate debtor, Precision Realty Developers Private Limited, defaulted on a loan facility originally sanctioned to Kaa Vee Retail Infra Private Limited, which later merged with the corporate debtor. The original loan was sanctioned by L & T Finance Limited, and subsequently assigned to Phoenix ARC Private Limited.
Phoenix ARC Private Limited, the financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Precision Realty Developers Private Limited, the corporate debtor. The claim was based on a default of Rs. 1,18,95,06,176/-. The original loan facility of INR 200 Crores was sanctioned to Kaa Vee Retail Infra Private Limited by L & T Finance Limited, the original lender, on 13th February, 2017. This loan was secured through various means, including pledging of shares, personal guarantees from promoters, and a deed of hypothecation. Kaa Vee Retail Infra Private Limited subsequently merged with Precision Realty Developers Private Limited via an order dated 8th May, 2019, passed by the NCLT, Mumbai, with the
…L & T Finance Limited sanctioned a Rupee Term…
NCLT, Mumbai approved the Scheme of Merger by…