IL&FS Financial Services Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Bajrang Realtors Private Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The petition arises from a default on a guarantee provided by Bajrang Realtors for a loan facility extended to Ansal Properties and Infrastructure Limited (APIL).
IL&FS Financial Services Limited extended a loan facility of Rs. 50,00,00,000/- to Ansal Properties and Infrastructure Limited (APIL).
Bajrang Realtors Private Limited executed a deed of guarantee dated 14.04.2016 in favor of IL&FS Financial Services Limited to secure the repayment of the loan amount.
APIL defaulted on the loan, leading IL&FS to issue a notice dated 17.10.2017 calling upon APIL to rectify the breaches.
APIL attempted to evade its liability by citing reasons such as the introduction of the Real Estate (Regulation and Development) Act, 2016, and Goods and Services Tax.
IL&FS issued a legal notice (Rejoinder Notice) on January 17, 2018, calling upon APIL to rectify the default.
IL&FS classified APIL's account as a Non-Performing Asset (NPA) on 29.09.2018.
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IL&FS Financial…
Loan agreeme…
IL&FS Financial Services Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Bajrang Realtors Private Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The petition arises from a default on a guarantee provided by Bajrang Realtors for a loan facility extended to Ansal Properties and Infrastructure Limited (APIL).
IL&FS Financial Services Limited extended a loan facility of Rs. 50,00,00,000/- to Ansal Properties and Infrastructure Limited (APIL).
Bajrang Realtors Private Limited executed a deed of guarantee dated 14.04.2016 in favor of IL&FS Financial Services Limited to secure the repayment of the loan amount.
APIL defaulted on the loan, leading IL&FS to issue a notice dated 17.10.2017 calling upon APIL to rectify the breaches.
APIL attempted to evade its liability by citing reasons such as the introduction of the Real Estate (Regulation and Development) Act, 2016, and Goods and Services Tax.
IL&FS issued a legal notice (Rejoinder Notice) on January 17, 2018, calling upon APIL to rectify the default.
IL&FS classified APIL's account as a Non-Performing Asset (NPA) on 29.09.2018.
…IL&FS Financial…
Loan agreeme…