Indiabulls Housing Finance Limited, the financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016 against Revital Reality Private Limited, the corporate debtor, for defaulting on a loan of Rs. 85 crores. The financial creditor contended that the corporate debtor failed to pay installments on time, despite making some payments through cheques and RTGS transactions between 2016 and 2019. The financial creditor issued a recall notice on March 25, 2022, demanding repayment within three days, which was not met, leading to the declaration of default on March 28, 2022. The application was filed based on this default date.
Indiabulls Housing Finance Limited sanctioned a loan of Rs. 85 crores to Revital Reality Private Limited. The corporate debtor made payments between May 9, 2016, and January 24, 2019, which were adjusted towards the amount due until July 19, 2018. Indiabulls issued a recall notice on March 25, 2022, demanding repayment within three days. The corporate debtor failed to repay, leading Indiabulls to declare default on March 28, 2022, and file an application under Section 7 of the IBC in 2022. The payment schedule outlined specific due dates for interest and principal payments. The first default occurred on May 9, 2016, when an installment was not paid. The application was filed more than three years after the initial default.
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Indiabulls Housing Finance Limited, the financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016 against Revital Reality Private Limited, the corporate debtor, for defaulting on a loan of Rs. 85 crores. The financial creditor contended that the corporate debtor failed to pay installments on time, despite making some payments through cheques and RTGS transactions between 2016 and 2019. The financial creditor issued a recall notice on March 25, 2022, demanding repayment within three days, which was not met, leading to the declaration of default on March 28, 2022. The application was filed based on this default date.
Indiabulls Housing Finance Limited sanctioned a loan of Rs. 85 crores to Revital Reality Private Limited. The corporate debtor made payments between May 9, 2016, and January 24, 2019, which were adjusted towards the amount due until July 19, 2018. Indiabulls issued a recall notice on March 25, 2022, demanding repayment within three days. The corporate debtor failed to repay, leading Indiabulls to declare default on March 28, 2022, and file an application under Section 7 of the IBC in 2022. The payment schedule outlined specific due dates for interest and principal payments. The first default occurred on May 9, 2016, when an installment was not paid. The application was filed more than three years after the initial default.
Loan disbursed to…
First instance of…