The case involves a petition filed by Canara Bank, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against PSK Developers Pvt. Ltd., the Corporate Debtor, due to a default in repayment of Rs. 33,50,50,320.30. The Corporate Debtor had approached Canara Bank and erstwhile Syndicate Bank in 2013 for financing a real estate project. Term loans were sanctioned, and agreements were executed in 2014. The Corporate Debtor's account was declared a Non-Performing Asset (NPA) in 2017 and 2018. Despite multiple opportunities and a One Time Settlement (OTS) offer, the Corporate Debtor failed to comply with the terms and conditions, leading to the filing of the present petition.
In 2013, PSK Developers Pvt. Ltd. (Corporate Debtor) approached Canara Bank and erstwhile Syndicate Bank for financing a real estate project called 'Fashion Index'. Canara Bank and Syndicate Bank sanctioned term loans. The Corporate Debtor and Financial Creditor executed a Term Loan Agreement and Indenture of Mortgage Deed in 2014. The Corporate Debtor's account was declared a Non-Performing Asset (NPA) on 07.05.2017 in Syndicate Bank's books and on 02.03.2018 in Canara Bank's books due to default in payment. Canara Bank issued a Demand Notice under Section 13(2) of the SARFAESI Act on 04.02.2019. The Corporate Debtor sent revival letters in 2017 and 2019 acknowledging the debt. The Corporate Debtor requested time for repayment in 2019 and 2020. Canara Bank filed a
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PSK Developers Pvt. Ltd. approached Canara…
Financial Creditor and Corporate Debtor…
The case involves a petition filed by Canara Bank, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against PSK Developers Pvt. Ltd., the Corporate Debtor, due to a default in repayment of Rs. 33,50,50,320.30. The Corporate Debtor had approached Canara Bank and erstwhile Syndicate Bank in 2013 for financing a real estate project. Term loans were sanctioned, and agreements were executed in 2014. The Corporate Debtor's account was declared a Non-Performing Asset (NPA) in 2017 and 2018. Despite multiple opportunities and a One Time Settlement (OTS) offer, the Corporate Debtor failed to comply with the terms and conditions, leading to the filing of the present petition.
In 2013, PSK Developers Pvt. Ltd. (Corporate Debtor) approached Canara Bank and erstwhile Syndicate Bank for financing a real estate project called 'Fashion Index'. Canara Bank and Syndicate Bank sanctioned term loans. The Corporate Debtor and Financial Creditor executed a Term Loan Agreement and Indenture of Mortgage Deed in 2014. The Corporate Debtor's account was declared a Non-Performing Asset (NPA) on 07.05.2017 in Syndicate Bank's books and on 02.03.2018 in Canara Bank's books due to default in payment. Canara Bank issued a Demand Notice under Section 13(2) of the SARFAESI Act on 04.02.2019. The Corporate Debtor sent revival letters in 2017 and 2019 acknowledging the debt. The Corporate Debtor requested time for repayment in 2019 and 2020. Canara Bank filed a
…PSK Developers Pvt. Ltd. approached Canara…
Financial Creditor and Corporate Debtor…