Sammaan Capital Limited (Financial Creditor) initiated Corporate Insolvency Resolution Process (CIRP) against Noida Marketing Private Limited, which served as a Corporate Guarantor for a financial facility extended to Parsavnath Developers Limited (Principal Debtor). The Principal Debtor defaulted on loan repayments in 2022 and again in July 2023, prompting the Financial Creditor to recall the loan and invoke the guarantee. As of July 8, 2024, the total outstanding debt, including interest and TDS, exceeded Rs. 211 Crores. Noida Marketing Private Limited contested the petition, alleging arbitrary foreclosure of loan accounts, unilateral interest rate hikes, and non-reconciliation of accounts by the Financial Creditor, claiming that no actual default occurred or that a
…Sammaan Capital Limited (Financial Creditor) filed a petition under Section 7 of IBC, 2016, against Noida Marketing Private Limited (Corporate Guarantor/Debtor) for initiation of CIRP.
Sammaan Capital Limited extended financial facilities to Parsavnath Developers Limited (Principal Debtor).
Noida Marketing Private Limited stood as Corporate Guarantor for the financial facility extended to Parsavnath Developers Limited.
The Principal Debtor committed its first default in repayment in 2022 and a second default in July 2023.
As of 08.07.2024, the total outstanding loan amount with interest was Rs. 211,46,76,821/-, along with pending TDS of Rs. 5,60,13,003/-.
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Sammaan Capital Limited (Financial Creditor)…
Parsavnath Developers…
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Sammaan Capital Limited (Financial Creditor) initiated Corporate Insolvency Resolution Process (CIRP) against Noida Marketing Private Limited, which served as a Corporate Guarantor for a financial facility extended to Parsavnath Developers Limited (Principal Debtor). The Principal Debtor defaulted on loan repayments in 2022 and again in July 2023, prompting the Financial Creditor to recall the loan and invoke the guarantee. As of July 8, 2024, the total outstanding debt, including interest and TDS, exceeded Rs. 211 Crores. Noida Marketing Private Limited contested the petition, alleging arbitrary foreclosure of loan accounts, unilateral interest rate hikes, and non-reconciliation of accounts by the Financial Creditor, claiming that no actual default occurred or that a
…Sammaan Capital Limited (Financial Creditor) filed a petition under Section 7 of IBC, 2016, against Noida Marketing Private Limited (Corporate Guarantor/Debtor) for initiation of CIRP.
Sammaan Capital Limited extended financial facilities to Parsavnath Developers Limited (Principal Debtor).
Noida Marketing Private Limited stood as Corporate Guarantor for the financial facility extended to Parsavnath Developers Limited.
The Principal Debtor committed its first default in repayment in 2022 and a second default in July 2023.
As of 08.07.2024, the total outstanding loan amount with interest was Rs. 211,46,76,821/-, along with pending TDS of Rs. 5,60,13,003/-.
…Sammaan Capital Limited (Financial Creditor)…
Parsavnath Developers…
Sign in to view related legal provisions.