Standard Capital Markets Ltd., the financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the corporate insolvency resolution process (CIRP) against Symphony Realtors Private Ltd., the corporate debtor. The petition stems from a loan facility originally availed by Veer Chemicals Pvt. Ltd. from Sammaan Capital Ltd. (SCL), later assigned to Standard Capital Markets Ltd. The loan was intended for construction activities and residential projects. SCL disbursed Rs. 150,00,00,000/- to Veer, secured by a mortgage of land and a deed of hypothecation. An addendum agreement extended the loan term to 05.10.2025, modifying payment terms. SCL assigned its rights to the financial creditor on 01.10.2024. The corporate debtor also
…Veer Chemicals Pvt. Ltd. sought loan facilities from Sammaan Capital Ltd. (SCL) for construction activities. SCL sanctioned the loan, and a Loan Agreement was executed on 30.10.2018 for Rs. 150,00,00,000/-. SCL disbursed the amount on 02.11.2018. Symphony Realtors Private Ltd. (Corporate Debtor) and its sister concerns executed a Memorandum of Entry on 28.11.2020, creating a first-ranking mortgage in favor of SCL for land admeasuring 66.1326 acres. They also executed a Deed of Hypothecation. On 01.10.2020, SCL and Veer executed an Addendum Agreement extending the loan term to 05.10.2025 and modifying payment terms to uniform quarterly payments. SCL executed a Deed of Assignment on 01.10.2024 in favor of Standard Capital Markets Ltd. (Financial Creditor), assigning the
…Sign in to view the parties.
SCL and Veer Chemicals…
SCL disburs…
Standard Capital Markets Ltd., the financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the corporate insolvency resolution process (CIRP) against Symphony Realtors Private Ltd., the corporate debtor. The petition stems from a loan facility originally availed by Veer Chemicals Pvt. Ltd. from Sammaan Capital Ltd. (SCL), later assigned to Standard Capital Markets Ltd. The loan was intended for construction activities and residential projects. SCL disbursed Rs. 150,00,00,000/- to Veer, secured by a mortgage of land and a deed of hypothecation. An addendum agreement extended the loan term to 05.10.2025, modifying payment terms. SCL assigned its rights to the financial creditor on 01.10.2024. The corporate debtor also
…Veer Chemicals Pvt. Ltd. sought loan facilities from Sammaan Capital Ltd. (SCL) for construction activities. SCL sanctioned the loan, and a Loan Agreement was executed on 30.10.2018 for Rs. 150,00,00,000/-. SCL disbursed the amount on 02.11.2018. Symphony Realtors Private Ltd. (Corporate Debtor) and its sister concerns executed a Memorandum of Entry on 28.11.2020, creating a first-ranking mortgage in favor of SCL for land admeasuring 66.1326 acres. They also executed a Deed of Hypothecation. On 01.10.2020, SCL and Veer executed an Addendum Agreement extending the loan term to 05.10.2025 and modifying payment terms to uniform quarterly payments. SCL executed a Deed of Assignment on 01.10.2024 in favor of Standard Capital Markets Ltd. (Financial Creditor), assigning the
…SCL and Veer Chemicals…
SCL disburs…