Omkara Assets Reconstruction Private Limited, a financial creditor, filed a petition under Section 7 of the IBC, 2016 against Kristal Projects (India) Limited, the corporate debtor. The petition sought to initiate Corporate Insolvency Resolution Process (CIRP) for an outstanding debt of Rs. 135,59,84,933/-. The debt originated from a loan sanctioned by Dewan Housing Finance Limited (DHFL) to Kristal Infrastructure Limited (Principal Borrower), for which Kristal Projects (India) Limited had provided a corporate guarantee. The loan was subsequently assigned from Piramal Capital and Housing Finance Limited (PCHFL) (into which DHFL merged) to Omkara Assets Reconstruction Private Limited. The corporate debtor failed to make payments despite multiple recall notices and
…Omkara Assets Reconstruction Private Limited (Financial Creditor) filed a Section 7 IBC petition against Kristal Projects (India) Limited (Corporate Debtor).
The total outstanding debt is Rs. 135,59,84,933/-.
The Corporate Debtor acted as a corporate guarantor for a loan sanctioned by Dewan Housing Finance Limited (DHFL) to Kristal Infrastructure Limited (Principal Borrower).
The loan amount was assigned by Piramal Capital and Housing Finance Limited (PCHFL) to Omkara Assets Reconstruction Private Limited on 10.01.2023.
The Date of Default is 18.02.2019, as per the Recall-cum-Invocation of the Corporate Guarantee dated 18.02.2019.
The Corporate Debtor's liability is co-extensive and co-terminus with the Principal Borrower.
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Dewan Housing Finance Limited (DHFL) issued a…
Loan Agreement executed between DHFL and…
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Omkara Assets Reconstruction Private Limited, a financial creditor, filed a petition under Section 7 of the IBC, 2016 against Kristal Projects (India) Limited, the corporate debtor. The petition sought to initiate Corporate Insolvency Resolution Process (CIRP) for an outstanding debt of Rs. 135,59,84,933/-. The debt originated from a loan sanctioned by Dewan Housing Finance Limited (DHFL) to Kristal Infrastructure Limited (Principal Borrower), for which Kristal Projects (India) Limited had provided a corporate guarantee. The loan was subsequently assigned from Piramal Capital and Housing Finance Limited (PCHFL) (into which DHFL merged) to Omkara Assets Reconstruction Private Limited. The corporate debtor failed to make payments despite multiple recall notices and
…Omkara Assets Reconstruction Private Limited (Financial Creditor) filed a Section 7 IBC petition against Kristal Projects (India) Limited (Corporate Debtor).
The total outstanding debt is Rs. 135,59,84,933/-.
The Corporate Debtor acted as a corporate guarantor for a loan sanctioned by Dewan Housing Finance Limited (DHFL) to Kristal Infrastructure Limited (Principal Borrower).
The loan amount was assigned by Piramal Capital and Housing Finance Limited (PCHFL) to Omkara Assets Reconstruction Private Limited on 10.01.2023.
The Date of Default is 18.02.2019, as per the Recall-cum-Invocation of the Corporate Guarantee dated 18.02.2019.
The Corporate Debtor's liability is co-extensive and co-terminus with the Principal Borrower.
…Dewan Housing Finance Limited (DHFL) issued a…
Loan Agreement executed between DHFL and…
Sign in to view related legal provisions.