The case involves an application filed by Indiabulls Housing Finance Ltd. (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Shipra Leasing Pvt. Ltd. (Corporate Debtor). The application is based on a default of Rs. 165,81,78,655/-. The Financial Creditor had extended loan facilities to the Corporate Debtor between December 2017 and March 2020 for housing/residential projects. These facilities were secured by mortgages and guarantees. The NOIDA Authority revoked permissions to mortgage certain lands, leading to impairment of security. The Financial Creditor issued notices to cure the default and subsequently a loan recall notice. The Corporate Debtor failed
…Indiabulls Housing Finance Ltd. (Financial Creditor) extended loan facilities to Shipra Leasing Pvt. Ltd. (Corporate Debtor) between December 2017 and March 2020, totaling Rs. 197,00,00,000/-, out of which Rs. 136,07,68,537/- was disbursed. These loans were secured by mortgages on properties held by Verve Construction LLP and Regalia Homes LLP, group concerns of the Corporate Debtor. The NOIDA Authority revoked permissions to mortgage these lands on 04.09.2020, impairing the security cover. The Financial Creditor issued a notice to cure the default on 20.10.2020 and a loan recall notice on 15.12.2020. The Corporate Debtor failed to repay the outstanding amount. The Corporate Debtor issued two post-dated cheques, both dated 05.04.2021, which were dishonored on
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Financial Creditor entered into a loan…
Financial Creditor entered into another loan…
The case involves an application filed by Indiabulls Housing Finance Ltd. (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Shipra Leasing Pvt. Ltd. (Corporate Debtor). The application is based on a default of Rs. 165,81,78,655/-. The Financial Creditor had extended loan facilities to the Corporate Debtor between December 2017 and March 2020 for housing/residential projects. These facilities were secured by mortgages and guarantees. The NOIDA Authority revoked permissions to mortgage certain lands, leading to impairment of security. The Financial Creditor issued notices to cure the default and subsequently a loan recall notice. The Corporate Debtor failed
…Indiabulls Housing Finance Ltd. (Financial Creditor) extended loan facilities to Shipra Leasing Pvt. Ltd. (Corporate Debtor) between December 2017 and March 2020, totaling Rs. 197,00,00,000/-, out of which Rs. 136,07,68,537/- was disbursed. These loans were secured by mortgages on properties held by Verve Construction LLP and Regalia Homes LLP, group concerns of the Corporate Debtor. The NOIDA Authority revoked permissions to mortgage these lands on 04.09.2020, impairing the security cover. The Financial Creditor issued a notice to cure the default on 20.10.2020 and a loan recall notice on 15.12.2020. The Corporate Debtor failed to repay the outstanding amount. The Corporate Debtor issued two post-dated cheques, both dated 05.04.2021, which were dishonored on
…Financial Creditor entered into a loan…
Financial Creditor entered into another loan…