IIFL Home Finance Limited filed an application (I.A. 1686/2020) under Section 60(5) of the Insolvency & Bankruptcy Code, 2016, seeking directions to the Resolution Professional regarding the admission of its claim as a financial debt in the Corporate Insolvency Resolution Process (CIRP) of Satra Properties (India) Limited. The applicant had granted loan facilities to the corporate debtor, and a Deed of Security was executed where Satra Properties Developers Pvt. Ltd. (SPDPL) provided security on behalf of the corporate debtor. The Resolution Professional rejected the applicant's claim, stating that the Deed of Security discharged the corporate debtor's obligations.
On 28.3.2015, IIFL Home Finance Limited (Applicant) executed a loan agreement with Satra Properties (India) Limited (Corporate Debtor) for a loan facility of Rs. 20.00 crores. Necessary documents like a Mortgage Deed, a demand Promissory Note, and a Letter of Continuity were executed. On 27.7.2018, another loan agreement granted an additional loan facility of Rs. 5.21 Crores. IIFL Finance Ltd., the Applicant's holding company, also granted independent loan facilities to the Corporate Debtor. The Corporate Debtor defaulted on the loan facilities. IIFL Finance Ltd. filed Company Petition (IB) No. 176/2019 u/s 7 of the Code. Consent terms were filed on 9.9.2019, and the Corporate Debtor acknowledged the debt. An Amendment Agreement was also entered into on 9th September
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IIFL Home Finance Limited executed a loan…
Another loan agreement was executed granting…
IIFL Home Finance Limited filed an application (I.A. 1686/2020) under Section 60(5) of the Insolvency & Bankruptcy Code, 2016, seeking directions to the Resolution Professional regarding the admission of its claim as a financial debt in the Corporate Insolvency Resolution Process (CIRP) of Satra Properties (India) Limited. The applicant had granted loan facilities to the corporate debtor, and a Deed of Security was executed where Satra Properties Developers Pvt. Ltd. (SPDPL) provided security on behalf of the corporate debtor. The Resolution Professional rejected the applicant's claim, stating that the Deed of Security discharged the corporate debtor's obligations.
On 28.3.2015, IIFL Home Finance Limited (Applicant) executed a loan agreement with Satra Properties (India) Limited (Corporate Debtor) for a loan facility of Rs. 20.00 crores. Necessary documents like a Mortgage Deed, a demand Promissory Note, and a Letter of Continuity were executed. On 27.7.2018, another loan agreement granted an additional loan facility of Rs. 5.21 Crores. IIFL Finance Ltd., the Applicant's holding company, also granted independent loan facilities to the Corporate Debtor. The Corporate Debtor defaulted on the loan facilities. IIFL Finance Ltd. filed Company Petition (IB) No. 176/2019 u/s 7 of the Code. Consent terms were filed on 9.9.2019, and the Corporate Debtor acknowledged the debt. An Amendment Agreement was also entered into on 9th September
…IIFL Home Finance Limited executed a loan…
Another loan agreement was executed granting…