Kotak Mahindra Bank Limited (Financial Creditor) filed a Section 7 IBC application against Simaaya Ensembles Private Limited (Corporate Debtor), which acted as a corporate guarantor for Alipore Condominiums & Investments Private Limited (Principal Borrower). The Principal Borrower defaulted on multiple LAP facilities and a Working Capital Term Loan, leading to the classification of accounts as Non-Performing Assets (NPA). The Corporate Debtor had executed unconditional corporate guarantees and created an equitable mortgage to secure these debts. The total outstanding debt claimed by the Financial Creditor is Rs. 7,47,10,663.45/-.
Kotak Mahindra Bank Limited (Financial Creditor/Applicant) filed a company petition under Section 7 of the IBC against Simaaya Ensembles Private Limited (Corporate Debtor/Respondent) for initiation of CIRP.
The Corporate Debtor acted as a Corporate Guarantor for credit facilities availed by Alipore Condominiums & Investments Private Limited (Principal Borrower - ACIPL).
The Principal Borrower defaulted in repayment of a financial debt amounting to Rs. 7,47,10,663.45/-.
ACIPL initially approached erstwhile ING Vysya Bank Ltd. (later merged with Kotak Mahindra Bank Ltd.) for financial facilities around June 2013.
Kotak Mahindra Bank Limited advanced multiple LAP facilities (Loan I, Loan II, Loan III) and a Working Capital Term Loan (Loan IV) under the ECLGS scheme to ACIPL.
…Sign in to view the parties.
Principal Borrower (ACIPL) approached…
Financial Creditor advanced LAP facility (Loan…
Kotak Mahindra Bank Limited (Financial Creditor) filed a Section 7 IBC application against Simaaya Ensembles Private Limited (Corporate Debtor), which acted as a corporate guarantor for Alipore Condominiums & Investments Private Limited (Principal Borrower). The Principal Borrower defaulted on multiple LAP facilities and a Working Capital Term Loan, leading to the classification of accounts as Non-Performing Assets (NPA). The Corporate Debtor had executed unconditional corporate guarantees and created an equitable mortgage to secure these debts. The total outstanding debt claimed by the Financial Creditor is Rs. 7,47,10,663.45/-.
Kotak Mahindra Bank Limited (Financial Creditor/Applicant) filed a company petition under Section 7 of the IBC against Simaaya Ensembles Private Limited (Corporate Debtor/Respondent) for initiation of CIRP.
The Corporate Debtor acted as a Corporate Guarantor for credit facilities availed by Alipore Condominiums & Investments Private Limited (Principal Borrower - ACIPL).
The Principal Borrower defaulted in repayment of a financial debt amounting to Rs. 7,47,10,663.45/-.
ACIPL initially approached erstwhile ING Vysya Bank Ltd. (later merged with Kotak Mahindra Bank Ltd.) for financial facilities around June 2013.
Kotak Mahindra Bank Limited advanced multiple LAP facilities (Loan I, Loan II, Loan III) and a Working Capital Term Loan (Loan IV) under the ECLGS scheme to ACIPL.
…Principal Borrower (ACIPL) approached…
Financial Creditor advanced LAP facility (Loan…