Aditya Birla Capital Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Spectra India Eco Projects Private Limited (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP). The petition was filed due to a default of Rs. 7,47,59,548/-. The Financial Creditor had sanctioned a loan of Rs. 20 Crores, of which Rs. 16,33,33,337/- was disbursed. The loan was secured by a mortgage, hypothecation of assets, an escrow agreement, and personal guarantees. The Corporate Debtor defaulted on equated monthly instalments (EMIs) from November 2024, leading to the loan account being classified as a Non-Performing Asset (NPA) on 13.12.2024. Subsequently, recall and demand notices were issued
…Aditya Birla Capital Limited (Financial Creditor) filed a petition under Section 7 of the IBC against Spectra India Eco Projects Private Limited (Corporate Debtor).
The petition seeks initiation of Corporate Insolvency Resolution Process (CIRP) for a default of Rs. 7,47,59,548/-.
The Financial Creditor sanctioned a loan of Rs. 20,00,00,000/- to the Corporate Debtor via a sanction letter dated 25.03.2021.
An amount of Rs. 16,33,33,337/- was disbursed to the Corporate Debtor.
A Facility Agreement was executed on 27.03.2021.
A Memorandum of Entry (Deposit of Title Deeds) dated 31.03.2021 was executed by the Corporate Debtor and Co-Borrowers (Amor Estates Private Limited, APIS Realtors Private Limited), creating a mortgage.
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Deeds of Guar…
Financial Creditor sanctioned a loan of Rs.…
Aditya Birla Capital Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Spectra India Eco Projects Private Limited (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP). The petition was filed due to a default of Rs. 7,47,59,548/-. The Financial Creditor had sanctioned a loan of Rs. 20 Crores, of which Rs. 16,33,33,337/- was disbursed. The loan was secured by a mortgage, hypothecation of assets, an escrow agreement, and personal guarantees. The Corporate Debtor defaulted on equated monthly instalments (EMIs) from November 2024, leading to the loan account being classified as a Non-Performing Asset (NPA) on 13.12.2024. Subsequently, recall and demand notices were issued
…Aditya Birla Capital Limited (Financial Creditor) filed a petition under Section 7 of the IBC against Spectra India Eco Projects Private Limited (Corporate Debtor).
The petition seeks initiation of Corporate Insolvency Resolution Process (CIRP) for a default of Rs. 7,47,59,548/-.
The Financial Creditor sanctioned a loan of Rs. 20,00,00,000/- to the Corporate Debtor via a sanction letter dated 25.03.2021.
An amount of Rs. 16,33,33,337/- was disbursed to the Corporate Debtor.
A Facility Agreement was executed on 27.03.2021.
A Memorandum of Entry (Deposit of Title Deeds) dated 31.03.2021 was executed by the Corporate Debtor and Co-Borrowers (Amor Estates Private Limited, APIS Realtors Private Limited), creating a mortgage.
…Deeds of Guar…
Financial Creditor sanctioned a loan of Rs.…