The application was filed by the Financial Creditor under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor due to an alleged default in repayment of a financial debt.
Piramal Capital & Housing Finance Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Venue Promoters Private Limited (Corporate Debtor) on May 13, 2022. The Financial Creditor sought to initiate the Corporate Insolvency Resolution Process (CIRP), declare a moratorium, and appoint an Interim Resolution Professional (IRP) due to a debt of Rs. 75,00,52,572/-. The Corporate Debtor, along with 19 other associate companies, including M/s. Jeffson Universal Logistics Private Limited, had jointly requested financial assistance from the Financial Creditor towards a Mortgage Loan. A sanction letter dated September 26, 2014, for Rs. 20,00,00,000/- was issued, followed by a Common Loan Agreement and a
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Venue Promoters Private…
Financial Creditor issued a sanction letter and…
The application was filed by the Financial Creditor under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor due to an alleged default in repayment of a financial debt.
Piramal Capital & Housing Finance Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Venue Promoters Private Limited (Corporate Debtor) on May 13, 2022. The Financial Creditor sought to initiate the Corporate Insolvency Resolution Process (CIRP), declare a moratorium, and appoint an Interim Resolution Professional (IRP) due to a debt of Rs. 75,00,52,572/-. The Corporate Debtor, along with 19 other associate companies, including M/s. Jeffson Universal Logistics Private Limited, had jointly requested financial assistance from the Financial Creditor towards a Mortgage Loan. A sanction letter dated September 26, 2014, for Rs. 20,00,00,000/- was issued, followed by a Common Loan Agreement and a
…Venue Promoters Private…
Financial Creditor issued a sanction letter and…