M/s. Butta Infrastructure Private Limited (Corporate Debtor) was admitted into Corporate Insolvency Resolution Process (CIRP) on 01.03.2021, and subsequently into liquidation on 24.02.2022, with Mr. Gonugunta Murali appointed as Liquidator. LIC Housing Finance Ltd (Respondent), a secured financial creditor, had advanced a loan of Rs. 310 Crores to the Corporate Debtor, secured by the Banjara Hills Property and Madhapur Property. While LIC HFL relinquished its security interest in the Banjara Hills Property, it elected to realize its security interest over the Madhapur Property. Prior to the CIRP, LIC HFL initiated SARFAESI proceedings, which were stayed by the Hon'ble High Court of Telangana on 05.03.2020. This stay was eventually vacated on 14.11.2022.

M/s. Butta Infrastructure Private Limited (Corporate Debtor) was admitted into Corporate Insolvency Resolution Process (CIRP) on 01.03.2021, and subsequently into liquidation on 24.02.2022, with Mr. Gonugunta Murali appointed as Liquidator. LIC Housing Finance Ltd (Respondent), a secured financial creditor, had advanced a loan of Rs. 310 Crores to the Corporate Debtor, secured by the Banjara Hills Property and Madhapur Property. While LIC HFL relinquished its security interest in the Banjara Hills Property, it elected to realize its security interest over the Madhapur Property. Prior to the CIRP, LIC HFL initiated SARFAESI proceedings, which were stayed by the Hon'ble High Court of Telangana on 05.03.2020. This stay was eventually vacated on 14.11.2022.