Piramal Capital and Housing Finance Limited (formerly known as Devan Housing Finance Corporation Limited) filed an application under Rule 16(d) of the NCLT Rules, 2016, seeking reliefs against Shaft Developers Private Limited. The applicant had sanctioned a loan to the respondent along with 18 other borrowers. The borrowers jointly executed a loan agreement and financial documents. The financial creditor sanctioned and disbursed a significant sum. The borrowers defaulted on repayments, leading to the account being classified as a Non-Performing Asset (NPA). The applicant filed 19 petitions to initiate CIRP proceedings against the borrowers. The corporate debtor and borrowers deposited original title documents to create an equitable mortgage.
Piramal Capital and Housing Finance Limited (formerly Devan Housing Finance Corporation Limited) sanctioned a loan to Shaft Developers Private Limited along with 18 other borrowers. A loan agreement was executed, and a substantial amount was disbursed. The borrowers defaulted, leading to NPA classification. The applicant filed 19 CIRP petitions. The corporate debtor and borrowers deposited title documents to create an equitable mortgage. The applicant requested the transfer of a related matter to consolidate proceedings, arguing that separate benches could lead to conflicting orders. The relevance of these facts lies in establishing the financial relationship, the default, and the need for consolidated adjudication.
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Piramal Capital and Housing Finance Limited (formerly known as Devan Housing Finance Corporation Limited) filed an application under Rule 16(d) of the NCLT Rules, 2016, seeking reliefs against Shaft Developers Private Limited. The applicant had sanctioned a loan to the respondent along with 18 other borrowers. The borrowers jointly executed a loan agreement and financial documents. The financial creditor sanctioned and disbursed a significant sum. The borrowers defaulted on repayments, leading to the account being classified as a Non-Performing Asset (NPA). The applicant filed 19 petitions to initiate CIRP proceedings against the borrowers. The corporate debtor and borrowers deposited original title documents to create an equitable mortgage.
Piramal Capital and Housing Finance Limited (formerly Devan Housing Finance Corporation Limited) sanctioned a loan to Shaft Developers Private Limited along with 18 other borrowers. A loan agreement was executed, and a substantial amount was disbursed. The borrowers defaulted, leading to NPA classification. The applicant filed 19 CIRP petitions. The corporate debtor and borrowers deposited title documents to create an equitable mortgage. The applicant requested the transfer of a related matter to consolidate proceedings, arguing that separate benches could lead to conflicting orders. The relevance of these facts lies in establishing the financial relationship, the default, and the need for consolidated adjudication.
Applicant sanctioned a…
Borrowers jointly…
Sign in to view related legal provisions.