Gactel Turnkey Projects Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate the Corporate Insolvency Resolution Process (CIRP) against Metropolitan Infrahousing Private Limited (Corporate Debtor). The Financial Creditor had extended a financial debt of Rs. 50,70,00,000/- to the Corporate Debtor through inter-corporate deposits between March 15, 2013, and March 18, 2013, carrying an interest rate of 14.50% per annum. As of March 31, 2024, the total amount in default, including principal and accrued interest, aggregated to Rs. 1,31,88,82,808/-. Notably, the Financial Creditor itself was undergoing CIRP, and Mr. Kumar Raghavan was appointed as its Resolution Professional. Demand notices for the
…Gactel Turnkey Projects Limited (Financial Creditor) filed an application under Section 7 of the IBC against Metropolitan Infrahousing Private Limited (Corporate Debtor).
The Financial Creditor disbursed a financial debt of Rs. 50,70,00,000/- to the Corporate Debtor as inter-corporate deposits between March 15, 2013, and March 18, 2013.
The loan facility carried an interest rate of 14.50% per annum.
As of March 31, 2024, the total amount in default, including principal and accrued interest, was Rs. 1,31,88,82,808/-.
Gactel Turnkey Projects Limited itself underwent CIRP, and Mr. Kumar Raghavan was appointed as its Resolution Professional.
Demand notices for outstanding receivables were served to the Corporate Debtor on July 25, 2024, August 14, 2024, and August 30, 2024.
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An Extraordinary General Meeting of Gactel…
Gactel Turnkey Projects Limited disbursed Rs.…
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Gactel Turnkey Projects Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate the Corporate Insolvency Resolution Process (CIRP) against Metropolitan Infrahousing Private Limited (Corporate Debtor). The Financial Creditor had extended a financial debt of Rs. 50,70,00,000/- to the Corporate Debtor through inter-corporate deposits between March 15, 2013, and March 18, 2013, carrying an interest rate of 14.50% per annum. As of March 31, 2024, the total amount in default, including principal and accrued interest, aggregated to Rs. 1,31,88,82,808/-. Notably, the Financial Creditor itself was undergoing CIRP, and Mr. Kumar Raghavan was appointed as its Resolution Professional. Demand notices for the
…Gactel Turnkey Projects Limited (Financial Creditor) filed an application under Section 7 of the IBC against Metropolitan Infrahousing Private Limited (Corporate Debtor).
The Financial Creditor disbursed a financial debt of Rs. 50,70,00,000/- to the Corporate Debtor as inter-corporate deposits between March 15, 2013, and March 18, 2013.
The loan facility carried an interest rate of 14.50% per annum.
As of March 31, 2024, the total amount in default, including principal and accrued interest, was Rs. 1,31,88,82,808/-.
Gactel Turnkey Projects Limited itself underwent CIRP, and Mr. Kumar Raghavan was appointed as its Resolution Professional.
Demand notices for outstanding receivables were served to the Corporate Debtor on July 25, 2024, August 14, 2024, and August 30, 2024.
…An Extraordinary General Meeting of Gactel…
Gactel Turnkey Projects Limited disbursed Rs.…
Sign in to view related legal provisions.