LIC Housing Finance Ltd. filed a Company Petition under Section 7 of the Insolvency & Bankruptcy Code, 2016 (IBC) seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Shree Sainath Land & Development (India) Private Limited, the Corporate Debtor, due to default in repayment of a loan facility. The financial creditor had sanctioned a loan facility to the corporate debtor, and the corporate debtor defaulted on the repayment.
LIC Housing Finance Ltd. (Financial Creditor) filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016 (IBC) against Shree Sainath Land & Development (India) Private Limited (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP). The petition was filed on 2023-01-12, claiming a total outstanding amount of Rs. 111,68,55,172.35, including principal and interest. The date of default was specified as 2021-08-01, and the Corporate Debtor's loan account was declared as NPA on 2021-11-03. The Financial Creditor had sanctioned a loan facility of Rs. 150,00,00,000 to the Corporate Debtor in 2018. The Corporate Debtor had also executed an Indenture of Mortgage in favor of the Financial Creditor. The Corporate Debtor
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Financial Creditor sanctioned a Loan Facility…
Loan availed by the Corporate Debtor subject to…
LIC Housing Finance Ltd. filed a Company Petition under Section 7 of the Insolvency & Bankruptcy Code, 2016 (IBC) seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Shree Sainath Land & Development (India) Private Limited, the Corporate Debtor, due to default in repayment of a loan facility. The financial creditor had sanctioned a loan facility to the corporate debtor, and the corporate debtor defaulted on the repayment.
LIC Housing Finance Ltd. (Financial Creditor) filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016 (IBC) against Shree Sainath Land & Development (India) Private Limited (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP). The petition was filed on 2023-01-12, claiming a total outstanding amount of Rs. 111,68,55,172.35, including principal and interest. The date of default was specified as 2021-08-01, and the Corporate Debtor's loan account was declared as NPA on 2021-11-03. The Financial Creditor had sanctioned a loan facility of Rs. 150,00,00,000 to the Corporate Debtor in 2018. The Corporate Debtor had also executed an Indenture of Mortgage in favor of the Financial Creditor. The Corporate Debtor
…Financial Creditor sanctioned a Loan Facility…
Loan availed by the Corporate Debtor subject to…