Piramal Capital & Housing Finance Limited filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Rite Developers Private Limited. The financial creditor claimed a default of Rs. 88,32,06,244/-. The corporate debtor had taken a loan of Rs. 60 Crores from the financial creditor (formerly DHFL) for a real estate project. The corporate debtor defaulted on its payment obligations, leading to the application for CIRP.
Piramal Capital & Housing Finance Limited (Financial Creditor) filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Rite Developers Private Limited (Corporate Debtor). The Financial Creditor claimed a default of Rs. 88,32,06,244/-. The Corporate Debtor had taken a loan of Rs. 60 Crores from the Financial Creditor (formerly Dewan Housing Finance Corporation Limited - DHFL) for a real estate project under the SRA redevelopment scheme. The loan agreement was executed on 6 June 2018. The Financial Creditor disbursed a total sum of INR 52,25,00,000 in tranches. The Corporate Debtor started defaulting in the payment of its monthly interest instalments from June 2018. A
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Sanction letter dated 01.06.2018 sanctioning a…
Loan Agreement executed…
Piramal Capital & Housing Finance Limited filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Rite Developers Private Limited. The financial creditor claimed a default of Rs. 88,32,06,244/-. The corporate debtor had taken a loan of Rs. 60 Crores from the financial creditor (formerly DHFL) for a real estate project. The corporate debtor defaulted on its payment obligations, leading to the application for CIRP.
Piramal Capital & Housing Finance Limited (Financial Creditor) filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Rite Developers Private Limited (Corporate Debtor). The Financial Creditor claimed a default of Rs. 88,32,06,244/-. The Corporate Debtor had taken a loan of Rs. 60 Crores from the Financial Creditor (formerly Dewan Housing Finance Corporation Limited - DHFL) for a real estate project under the SRA redevelopment scheme. The loan agreement was executed on 6 June 2018. The Financial Creditor disbursed a total sum of INR 52,25,00,000 in tranches. The Corporate Debtor started defaulting in the payment of its monthly interest instalments from June 2018. A
…Sanction letter dated 01.06.2018 sanctioning a…
Loan Agreement executed…