Piramal Capital & Housing Finance Limited, formerly known as Dewan Housing Finance Corporation Limited (DHFL), filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Rite Builtec Private Limited, the Corporate Debtor. DHFL had undergone CIRP and was subsequently acquired by Piramal Capital & Housing Finance Limited. The Corporate Debtor, along with Rite Developers Private Limited (Co-Borrower), had approached DHFL for a credit facility of INR 60 Crores for a real estate project. DHFL disbursed INR 52.25 Crores in tranches. The Corporate Debtor defaulted on interest payments starting June 2018. The Financial Creditor issued a recall notice on August 28, 2020, and a
…Piramal Capital & Housing Finance Limited (formerly DHFL) filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate CIRP against Rite Builtec Private Limited. The Corporate Debtor and Rite Developers Private Limited (Co-Borrower) had obtained a credit facility of INR 60 Crores from DHFL for a real estate project. DHFL disbursed INR 52.25 Crores in tranches between June 2018 and January 2019. The Corporate Debtor defaulted on interest payments starting June 2018. DHFL issued a recall notice on August 28, 2020, demanding Rs. 68,82,64,595. A notice under Section 13(2) of the SARFAESI Act was issued on September 24, 2020, demanding Rs. 69,63,47,740. The Corporate Debtor requested further disbursement or allowing a partner to
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Piramal Capital & Housing Finance Limited, formerly known as Dewan Housing Finance Corporation Limited (DHFL), filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Rite Builtec Private Limited, the Corporate Debtor. DHFL had undergone CIRP and was subsequently acquired by Piramal Capital & Housing Finance Limited. The Corporate Debtor, along with Rite Developers Private Limited (Co-Borrower), had approached DHFL for a credit facility of INR 60 Crores for a real estate project. DHFL disbursed INR 52.25 Crores in tranches. The Corporate Debtor defaulted on interest payments starting June 2018. The Financial Creditor issued a recall notice on August 28, 2020, and a
…Piramal Capital & Housing Finance Limited (formerly DHFL) filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate CIRP against Rite Builtec Private Limited. The Corporate Debtor and Rite Developers Private Limited (Co-Borrower) had obtained a credit facility of INR 60 Crores from DHFL for a real estate project. DHFL disbursed INR 52.25 Crores in tranches between June 2018 and January 2019. The Corporate Debtor defaulted on interest payments starting June 2018. DHFL issued a recall notice on August 28, 2020, demanding Rs. 68,82,64,595. A notice under Section 13(2) of the SARFAESI Act was issued on September 24, 2020, demanding Rs. 69,63,47,740. The Corporate Debtor requested further disbursement or allowing a partner to
…Date of the sanction…
Date of the Loan…