The case pertains to a petition filed by Piramal Capital & Housing Finance Limited (later replaced by Omkara Assets Reconstruction Private Limited) under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Sigtia Constructions Private Limited, the Corporate Debtor, due to an alleged default in repayment of a loan. The loan was initially sanctioned by Dewan Housing Finance Limited (DHFL) and later enhanced through multiple agreements. DHFL was admitted into CIRP, and Piramal Capital & Housing Finance Limited, through a reverse merger, became the entity pursuing the claim. The Corporate Debtor failed to repay the outstanding amount despite notices, leading to the petition.
Piramal Capital & Housing Finance Limited (later Omkara Assets Reconstruction Private Limited) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Sigtia Constructions Private Limited. The initial loan of Rs. 450 crores was sanctioned in May 2018 by DHFL, followed by an enhancement of Rs. 725 crores in October 2018, and another enhancement of Rs. 735 crores in August 2019, totaling Rs. 1910 crores. The first event of default occurred on 15.03.2019, when the Corporate Debtor failed to pay the interest due. DHFL was admitted into CIRP, and Piramal Capital & Housing Finance Limited merged with DHFL. Notices were issued to the Corporate Debtor, but they failed to repay the outstanding amount. The date of default is
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DHFL sanctioned a loan…
DHFL sanctioned an…
The case pertains to a petition filed by Piramal Capital & Housing Finance Limited (later replaced by Omkara Assets Reconstruction Private Limited) under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Sigtia Constructions Private Limited, the Corporate Debtor, due to an alleged default in repayment of a loan. The loan was initially sanctioned by Dewan Housing Finance Limited (DHFL) and later enhanced through multiple agreements. DHFL was admitted into CIRP, and Piramal Capital & Housing Finance Limited, through a reverse merger, became the entity pursuing the claim. The Corporate Debtor failed to repay the outstanding amount despite notices, leading to the petition.
Piramal Capital & Housing Finance Limited (later Omkara Assets Reconstruction Private Limited) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Sigtia Constructions Private Limited. The initial loan of Rs. 450 crores was sanctioned in May 2018 by DHFL, followed by an enhancement of Rs. 725 crores in October 2018, and another enhancement of Rs. 735 crores in August 2019, totaling Rs. 1910 crores. The first event of default occurred on 15.03.2019, when the Corporate Debtor failed to pay the interest due. DHFL was admitted into CIRP, and Piramal Capital & Housing Finance Limited merged with DHFL. Notices were issued to the Corporate Debtor, but they failed to repay the outstanding amount. The date of default is
…DHFL sanctioned a loan…
DHFL sanctioned an…