Aditya Birla Finance Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Saket Infra Developers Pvt Ltd, seeking initiation of Corporate Insolvency Resolution Process (CIRP) due to a default in repayment of a financial debt amounting to Rs. 8,18,00,000/-.
Aditya Birla Finance Limited disbursed an aggregate sum of Rs. 8,18,00,000/- to Saket Infra Developers Pvt Ltd under multiple sanction letters and loan agreements between 2016 and 2021.
Saket Infra Developers Pvt Ltd's loan account was classified as NPA on 13 November 2023 after the restructured installments remained overdue for more than 90 days.
The outstanding amount as on 28 November 2023 was Rs. 7,88,20,657.67/-.
Saket Infra Developers Pvt Ltd claimed that the petition was barred by Section 10A, as the date of default was 15 March 2021, falling within the COVID-19 exclusion window.
Saket Infra Developers Pvt Ltd claimed to be an MSME unit entitled to protection under the 29.05.2015 MSME Framework for Revival and Rehabilitation.
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Aditya Birla Finance Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Saket Infra Developers Pvt Ltd, seeking initiation of Corporate Insolvency Resolution Process (CIRP) due to a default in repayment of a financial debt amounting to Rs. 8,18,00,000/-.
Aditya Birla Finance Limited disbursed an aggregate sum of Rs. 8,18,00,000/- to Saket Infra Developers Pvt Ltd under multiple sanction letters and loan agreements between 2016 and 2021.
Saket Infra Developers Pvt Ltd's loan account was classified as NPA on 13 November 2023 after the restructured installments remained overdue for more than 90 days.
The outstanding amount as on 28 November 2023 was Rs. 7,88,20,657.67/-.
Saket Infra Developers Pvt Ltd claimed that the petition was barred by Section 10A, as the date of default was 15 March 2021, falling within the COVID-19 exclusion window.
Saket Infra Developers Pvt Ltd claimed to be an MSME unit entitled to protection under the 29.05.2015 MSME Framework for Revival and Rehabilitation.
…Initial sanction of…
Disbursement of Rs.…