Piramal Capital & Housing Finance Limited filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Sahara India Medical Institute Limited, the Corporate Debtor, due to a default on a loan agreement. The application was triggered by a default of Rs. 940,96,00,862 as of February 22, 2022. The loan was originally advanced by Dewan Housing Finance Corporation Limited (DHFL), which later merged into Piramal Capital & Housing Finance Ltd. The Corporate Debtor argued against the initiation of CIRP, citing its financial health, ongoing proceedings in the Supreme Court related to SEBI-Sahara refund account, and the availability of security exceeding the loan amount. The
…1. Piramal Capital & Housing Finance Limited (later APRN Enterprises Private Limited) filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate CIRP against Sahara India Medical Institute Limited.
2. The Corporate Debtor defaulted on a loan amounting to Rs. 940,96,00,862 as of February 22, 2022, comprising principal, interest, and other charges.
3. The loan agreement was initially between DHFL and the Corporate Debtor, with DHFL later merging into Piramal Capital & Housing Finance Limited.
4. The date of default was stated as June 11, 2018.
5. The Corporate Debtor argued that it was financially solvent and that the initiation of CIRP would hamper its operations as a hospital.
6. The Corporate Debtor also claimed that the loan was
Sign in to view the parties.
Loan Agreement dated September 7, 2017, between…
Date of default stated…
Piramal Capital & Housing Finance Limited filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Sahara India Medical Institute Limited, the Corporate Debtor, due to a default on a loan agreement. The application was triggered by a default of Rs. 940,96,00,862 as of February 22, 2022. The loan was originally advanced by Dewan Housing Finance Corporation Limited (DHFL), which later merged into Piramal Capital & Housing Finance Ltd. The Corporate Debtor argued against the initiation of CIRP, citing its financial health, ongoing proceedings in the Supreme Court related to SEBI-Sahara refund account, and the availability of security exceeding the loan amount. The
…1. Piramal Capital & Housing Finance Limited (later APRN Enterprises Private Limited) filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate CIRP against Sahara India Medical Institute Limited.
2. The Corporate Debtor defaulted on a loan amounting to Rs. 940,96,00,862 as of February 22, 2022, comprising principal, interest, and other charges.
3. The loan agreement was initially between DHFL and the Corporate Debtor, with DHFL later merging into Piramal Capital & Housing Finance Limited.
4. The date of default was stated as June 11, 2018.
5. The Corporate Debtor argued that it was financially solvent and that the initiation of CIRP would hamper its operations as a hospital.
6. The Corporate Debtor also claimed that the loan was
Loan Agreement dated September 7, 2017, between…
Date of default stated…