Canara Bank, a Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Trillion Real Estate and Properties (India) Private Limited, the Corporate Debtor, due to a default on a term loan.
Canara Bank sanctioned a term loan of Rs 55,00,00,000 to M/s Trillion Real Estate and Properties (India) Private Limited for the construction of a hotel.
The Corporate Debtor executed security documents, including a hypothecation agreement, guarantee agreements, and a registered mortgage deed, in favor of Canara Bank.
The Corporate Debtor defaulted on the repayment of the loan, and the account was declared a Non-Performing Asset (NPA) on 31.03.2016.
The Corporate Debtor approached the Financial Creditor for a one-time settlement (OTS) of the loan.
The Financial Creditor accepted an OTS proposal, and the Corporate Debtor made a part payment of Rs 3 Crore.
The Corporate Debtor failed to adhere to the terms and conditions of the OTS.
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Corporate Debtor…
Loan account of the Corporate Debtor was…
Canara Bank, a Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Trillion Real Estate and Properties (India) Private Limited, the Corporate Debtor, due to a default on a term loan.
Canara Bank sanctioned a term loan of Rs 55,00,00,000 to M/s Trillion Real Estate and Properties (India) Private Limited for the construction of a hotel.
The Corporate Debtor executed security documents, including a hypothecation agreement, guarantee agreements, and a registered mortgage deed, in favor of Canara Bank.
The Corporate Debtor defaulted on the repayment of the loan, and the account was declared a Non-Performing Asset (NPA) on 31.03.2016.
The Corporate Debtor approached the Financial Creditor for a one-time settlement (OTS) of the loan.
The Financial Creditor accepted an OTS proposal, and the Corporate Debtor made a part payment of Rs 3 Crore.
The Corporate Debtor failed to adhere to the terms and conditions of the OTS.
…Corporate Debtor…
Loan account of the Corporate Debtor was…