Sabari Developers LLP filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking admission of a claim amount by the Resolution Professional for Shankeshwar Properties Pvt. Ltd. (Corporate Debtor) for interest amounting to INR 13,66,46,519. The Applicant claimed that the Corporate Debtor approached them in 2014 for need-based finance for a real estate project, with an agreed interest rate of 15% p.a. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on 03.02.2023.
In 2014, Shankeshwar Properties Pvt. Ltd. (Corporate Debtor) approached Sabari Developers LLP (Applicant) for need-based finance for a real estate project. The terms included an interest rate of 15% p.a. on unsecured loans. The Applicant advanced monies, and the Corporate Debtor made repayments of principal and interest. Interest was not booked in the Applicant's accounts from April 2017. On 05.04.2019, the Corporate Debtor confirmed a balance loan amount of INR 12,18,28,245 plus interest. The Corporate Debtor was admitted into CIRP on 03.02.2023. The Applicant filed a claim of INR 14,86,93,656, including INR 1,20,47,139 as the outstanding principal and interest accounted in the books of the applicant and INR 13,66,46,517 as interest accrued from 01.04.2017 to
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Shankeshwar Properties…
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Sabari Developers LLP filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking admission of a claim amount by the Resolution Professional for Shankeshwar Properties Pvt. Ltd. (Corporate Debtor) for interest amounting to INR 13,66,46,519. The Applicant claimed that the Corporate Debtor approached them in 2014 for need-based finance for a real estate project, with an agreed interest rate of 15% p.a. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on 03.02.2023.
In 2014, Shankeshwar Properties Pvt. Ltd. (Corporate Debtor) approached Sabari Developers LLP (Applicant) for need-based finance for a real estate project. The terms included an interest rate of 15% p.a. on unsecured loans. The Applicant advanced monies, and the Corporate Debtor made repayments of principal and interest. Interest was not booked in the Applicant's accounts from April 2017. On 05.04.2019, the Corporate Debtor confirmed a balance loan amount of INR 12,18,28,245 plus interest. The Corporate Debtor was admitted into CIRP on 03.02.2023. The Applicant filed a claim of INR 14,86,93,656, including INR 1,20,47,139 as the outstanding principal and interest accounted in the books of the applicant and INR 13,66,46,517 as interest accrued from 01.04.2017 to
…Shankeshwar Properties…
Terms and conditions of…