The case involves an application by Indiabulls Housing Finance Limited, the Financial Creditor, against Revital Reality Private Limited, the Corporate Debtor, for loan default. Indiabulls sanctioned a loan of Rs. 85 crores to Revital Reality. The installments were not paid on time, and various payments were made by the Corporate Debtor through cheques or RTGS transactions from 2016 to 2019, which were adjusted towards the amount due until 2018. Indiabulls recalled the loan via notice dated 2022-03-25, directing the Corporate Debtor to repay the entire amount within three days. The Corporate Debtor failed to repay within the stipulated period, leading to the declaration of default.
Indiabulls Housing Finance Limited sanctioned a loan of Rs. 85 crores to Revital Reality Private Limited. The loan agreement included a repayment schedule with monthly installments. Revital Reality made payments via cheques and RTGS transactions between 2016-05-09 and 2019-01-24, which were adjusted against the outstanding amount until 2018-07-19. Indiabulls issued a notice on 2022-03-25, recalling the loan and demanding repayment within three days. Revital Reality failed to repay within the stipulated timeframe. Indiabulls claimed the date of default was based on the loan recall notice. The court noted that the first default occurred on 2016-05-09 when the first installment was due and not paid. The application was filed in 2022, exceeding the limitation period.
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Indiabulls Housing…
Revital Reality Private…
The case involves an application by Indiabulls Housing Finance Limited, the Financial Creditor, against Revital Reality Private Limited, the Corporate Debtor, for loan default. Indiabulls sanctioned a loan of Rs. 85 crores to Revital Reality. The installments were not paid on time, and various payments were made by the Corporate Debtor through cheques or RTGS transactions from 2016 to 2019, which were adjusted towards the amount due until 2018. Indiabulls recalled the loan via notice dated 2022-03-25, directing the Corporate Debtor to repay the entire amount within three days. The Corporate Debtor failed to repay within the stipulated period, leading to the declaration of default.
Indiabulls Housing Finance Limited sanctioned a loan of Rs. 85 crores to Revital Reality Private Limited. The loan agreement included a repayment schedule with monthly installments. Revital Reality made payments via cheques and RTGS transactions between 2016-05-09 and 2019-01-24, which were adjusted against the outstanding amount until 2018-07-19. Indiabulls issued a notice on 2022-03-25, recalling the loan and demanding repayment within three days. Revital Reality failed to repay within the stipulated timeframe. Indiabulls claimed the date of default was based on the loan recall notice. The court noted that the first default occurred on 2016-05-09 when the first installment was due and not paid. The application was filed in 2022, exceeding the limitation period.
Indiabulls Housing…
Revital Reality Private…