Indiabulls Housing Finance Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Primcomm Media Distribution Ventures Private Limited, citing a default of Rs. 2,60,98,26,700/-. The loan was initially sanctioned to Gnex Realtech Private Limited, with the Corporate Debtor acting as a co-borrower and guarantor. The Corporate Debtor allegedly failed to meet its repayment obligations, leading to the classification of its account as a Non-Performing Asset (NPA).
Indiabulls Housing Finance Limited sanctioned a loan of Rs. 190,00,00,000/- to Gnex Realtech Private Limited on 2020-06-03. Primcomm Media Distribution Ventures Private Limited acted as a co-borrower and guarantor for this loan. The loan facility was secured by the Corporate Debtor by pledging 9,999 shares of M/s. Essel Home Private Limited. The entire loan amount was disbursed to Gnex on 2020-06-23. The Corporate Debtor failed to pay the interest and/or principal on the due dates, leading to an Event of Default. Indiabulls issued a notice on 2022-01-20 to all borrowers, including the Corporate Debtor. The account was classified as a Non-Performing Asset (NPA) on 2021-09-30. The total default amount was Rs. 2,60,98,26,700/- as on 2022-01-28. The Corporate Debtor argued
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Indiabulls Housing Finance Limited sanctioned…
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Indiabulls Housing Finance Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Primcomm Media Distribution Ventures Private Limited, citing a default of Rs. 2,60,98,26,700/-. The loan was initially sanctioned to Gnex Realtech Private Limited, with the Corporate Debtor acting as a co-borrower and guarantor. The Corporate Debtor allegedly failed to meet its repayment obligations, leading to the classification of its account as a Non-Performing Asset (NPA).
Indiabulls Housing Finance Limited sanctioned a loan of Rs. 190,00,00,000/- to Gnex Realtech Private Limited on 2020-06-03. Primcomm Media Distribution Ventures Private Limited acted as a co-borrower and guarantor for this loan. The loan facility was secured by the Corporate Debtor by pledging 9,999 shares of M/s. Essel Home Private Limited. The entire loan amount was disbursed to Gnex on 2020-06-23. The Corporate Debtor failed to pay the interest and/or principal on the due dates, leading to an Event of Default. Indiabulls issued a notice on 2022-01-20 to all borrowers, including the Corporate Debtor. The account was classified as a Non-Performing Asset (NPA) on 2021-09-30. The total default amount was Rs. 2,60,98,26,700/- as on 2022-01-28. The Corporate Debtor argued
…Indiabulls Housing Finance Limited sanctioned…
Parties entered into a loan agreement between…