Sammaan Capital Limited, as a Financial Creditor (FC), initiated a Corporate Insolvency Resolution Process (CIRP) against Parsvnath Developers Limited, the Corporate Debtor (CD), under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The CD, a real estate company, had availed multiple loans from the FC between 2018 and 2020 for construction and development projects. The CD first defaulted on repayments in 2022 and again in July 2023. Despite several attempts at settlement and previous withdrawals of similar petitions, the default persisted. The FC subsequently assigned its debt to Asset Reconstruction Company (India) Limited (ARCIL), which then sought to revive the CIRP application. The CD consistently raised disputes regarding reconciliation of accounts,
…Sammaan Capital Limited (Financial Creditor) filed an application under Section 7 of the IBC, 2016, for initiation of CIRP against Parsvnath Developers Ltd. (Corporate Debtor).
The Corporate Debtor approached the Financial Creditor in 2018 for loans for construction and development of housing/residential projects and other corporate purposes.
Seven loan agreements were executed between March 27, 2018, and March 20, 2020, with sanctioned amounts totaling several hundred crores.
The Corporate Debtor committed its first default in repayment in 2022 and a second default in July 2023.
On 05.05.2024, the Corporate Debtor again defaulted in making payment.
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Corporate Debtor approached Financial Creditor…
Corporate Debtor…
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Sammaan Capital Limited, as a Financial Creditor (FC), initiated a Corporate Insolvency Resolution Process (CIRP) against Parsvnath Developers Limited, the Corporate Debtor (CD), under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The CD, a real estate company, had availed multiple loans from the FC between 2018 and 2020 for construction and development projects. The CD first defaulted on repayments in 2022 and again in July 2023. Despite several attempts at settlement and previous withdrawals of similar petitions, the default persisted. The FC subsequently assigned its debt to Asset Reconstruction Company (India) Limited (ARCIL), which then sought to revive the CIRP application. The CD consistently raised disputes regarding reconciliation of accounts,
…Sammaan Capital Limited (Financial Creditor) filed an application under Section 7 of the IBC, 2016, for initiation of CIRP against Parsvnath Developers Ltd. (Corporate Debtor).
The Corporate Debtor approached the Financial Creditor in 2018 for loans for construction and development of housing/residential projects and other corporate purposes.
Seven loan agreements were executed between March 27, 2018, and March 20, 2020, with sanctioned amounts totaling several hundred crores.
The Corporate Debtor committed its first default in repayment in 2022 and a second default in July 2023.
On 05.05.2024, the Corporate Debtor again defaulted in making payment.
…Corporate Debtor approached Financial Creditor…
Corporate Debtor…
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