Bank of India, the Financial Creditor/Applicant, filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016 against D B Realty Limited, the Corporate Debtor, for initiating Corporate Insolvency Resolution Process (CIRP). The application was filed due to a default amount of Rs. 760,38,97,217.87 plus further interest as on 30.09.2022, with the date of default stated as 30.08.2015.
Bank of India sanctioned a Term Loan to M/s. Pune Buildtech Pvt. Ltd. (Principal Borrower) for Rs. 225 Cr.
D B Realty Limited extended their guarantee in favour of Bank of India for the Term Loan.
The Term Loan was originally repayable in 21 equal monthly installments commencing from February 2015.
The Principal Borrower could not complete the project and stopped construction work in September 2016 due to shortage of funds.
The account was classified as NPA on 31.12.2015 due to non-payment of interest from August 2015 onwards.
Bank of India issued a Legal Notice on 20.10.2022 invoking guarantee and calling upon D B Realty Limited to repay the outstanding debt.
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Date of Default is…
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Bank of India, the Financial Creditor/Applicant, filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016 against D B Realty Limited, the Corporate Debtor, for initiating Corporate Insolvency Resolution Process (CIRP). The application was filed due to a default amount of Rs. 760,38,97,217.87 plus further interest as on 30.09.2022, with the date of default stated as 30.08.2015.
Bank of India sanctioned a Term Loan to M/s. Pune Buildtech Pvt. Ltd. (Principal Borrower) for Rs. 225 Cr.
D B Realty Limited extended their guarantee in favour of Bank of India for the Term Loan.
The Term Loan was originally repayable in 21 equal monthly installments commencing from February 2015.
The Principal Borrower could not complete the project and stopped construction work in September 2016 due to shortage of funds.
The account was classified as NPA on 31.12.2015 due to non-payment of interest from August 2015 onwards.
Bank of India issued a Legal Notice on 20.10.2022 invoking guarantee and calling upon D B Realty Limited to repay the outstanding debt.
…Date of Default is…
Financial Creditor issued Legal Notice on…