The case involves an application filed by Unity Small Finance Bank Limited, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Somerset Construction Private Limited, the Corporate Debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor had availed financial services in the form of a Mortgage Overdraft Limit of Rs. 200,00,00,000/-. The Corporate Debtor committed a default on 30.05.2018, and the account was declared as NPA on 31.08.2018. The applicant issued notices under SARFAESI Act. The original lender was merged with Unity Small Finance Bank Limited, and substitution of the name of the merged entity was allowed.
Unity Small Finance Bank Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Somerset Construction Private Limited, the Corporate Debtor. The Corporate Debtor availed financial services in the form of a Mortgage Overdraft Limit of Rs. 200,00,00,000/-. The Sanction Letter was dated 22.03.2018. The Corporate Debtor committed a default on 30.05.2018, and the account was declared as NPA on 31.08.2018. The Applicant claimed a total debt of Rs. 295,60,86,327.40, including a principal amount of Rs. 199,99,46,786/- and interest of Rs. 95,61,39,541.40/- as on 31.05.2021. The Corporate Debtor had hypothecated book debts as the primary security by entering Hypothecation Deed in ADV 70 with the Original Lender
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Sanction Letter dated 22.03.2018 along with…
The Corporate Debtor had hypothecated book…
The case involves an application filed by Unity Small Finance Bank Limited, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Somerset Construction Private Limited, the Corporate Debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor had availed financial services in the form of a Mortgage Overdraft Limit of Rs. 200,00,00,000/-. The Corporate Debtor committed a default on 30.05.2018, and the account was declared as NPA on 31.08.2018. The applicant issued notices under SARFAESI Act. The original lender was merged with Unity Small Finance Bank Limited, and substitution of the name of the merged entity was allowed.
Unity Small Finance Bank Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Somerset Construction Private Limited, the Corporate Debtor. The Corporate Debtor availed financial services in the form of a Mortgage Overdraft Limit of Rs. 200,00,00,000/-. The Sanction Letter was dated 22.03.2018. The Corporate Debtor committed a default on 30.05.2018, and the account was declared as NPA on 31.08.2018. The Applicant claimed a total debt of Rs. 295,60,86,327.40, including a principal amount of Rs. 199,99,46,786/- and interest of Rs. 95,61,39,541.40/- as on 31.05.2021. The Corporate Debtor had hypothecated book debts as the primary security by entering Hypothecation Deed in ADV 70 with the Original Lender
…Sanction Letter dated 22.03.2018 along with…
The Corporate Debtor had hypothecated book…