Shriram City Union Finance Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Ramakrishna Housing Private Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The corporate debtor (CD) had taken a loan of Rs. 20 Crores from the financial creditor (FC) for working capital and allied business activities, offering collateral security of property and depositing title deeds. The CD entered into two loan agreements with the FC. The guarantors guaranteed the due performance of the obligations. The loan was repayable in monthly installments. The CD defaulted after paying the first 20 installments, with the 21st installment falling due on 2019-06-10. The FC issued a notice terminating the agreement, but the CD
…Shriram City Union Finance Limited (Financial Creditor - FC) filed a petition against Ramakrishna Housing Private Limited (Corporate Debtor - CD) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The CD had taken a loan of Rs. 20 Crores from the FC for working capital, offering collateral security. The loan was to be repaid in monthly installments. The CD defaulted after paying 20 installments, with the 21st installment due on 2019-06-10. The FC issued a notice terminating the agreement, but the CD failed to clear the arrears, with an outstanding amount of Rs. 18,71,63,369/-. The CD contended that the FC suppressed material facts, there was non-joinder of parties, and arbitration proceedings
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The Corporate Debtor…
The NCLT admitted the CP(IB) No.8/7/AMR/2020…
Shriram City Union Finance Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Ramakrishna Housing Private Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The corporate debtor (CD) had taken a loan of Rs. 20 Crores from the financial creditor (FC) for working capital and allied business activities, offering collateral security of property and depositing title deeds. The CD entered into two loan agreements with the FC. The guarantors guaranteed the due performance of the obligations. The loan was repayable in monthly installments. The CD defaulted after paying the first 20 installments, with the 21st installment falling due on 2019-06-10. The FC issued a notice terminating the agreement, but the CD
…Shriram City Union Finance Limited (Financial Creditor - FC) filed a petition against Ramakrishna Housing Private Limited (Corporate Debtor - CD) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The CD had taken a loan of Rs. 20 Crores from the FC for working capital, offering collateral security. The loan was to be repaid in monthly installments. The CD defaulted after paying 20 installments, with the 21st installment due on 2019-06-10. The FC issued a notice terminating the agreement, but the CD failed to clear the arrears, with an outstanding amount of Rs. 18,71,63,369/-. The CD contended that the FC suppressed material facts, there was non-joinder of parties, and arbitration proceedings
…The Corporate Debtor…
The NCLT admitted the CP(IB) No.8/7/AMR/2020…