IL&FS Financial Services Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Elitist Realtors Private Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The petition pertains to a default on a financial debt guaranteed by Elitist Realtors for a loan facility extended to Ansal Properties and Infrastructure Limited (APIL).
IL&FS Financial Services Limited extended a term loan facility of Rs. 100,00,00,000/- to Ansal Properties and Infrastructure Limited (APIL).
Elitist Realtors Private Limited executed a deed of guarantee dated 23.03.2017 in favor of IL&FS Financial Services Limited, guaranteeing the repayment of the loan amount.
APIL defaulted on the loan repayment, leading IL&FS Financial Services Limited to issue a notice dated 17.10.2017.
IL&FS Financial Services Limited classified APIL's account as a Non-Performing Asset (NPA) on 29.09.2018.
IL&FS Financial Services Limited issued a recall notice on 26.03.2019, recalling the entire facilities sanctioned to APIL and demanding payment of Rs. 124,49,70,295.56/-.
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IL&FS Financial Services Limited issued a…
Loan agreement was…
IL&FS Financial Services Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Elitist Realtors Private Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The petition pertains to a default on a financial debt guaranteed by Elitist Realtors for a loan facility extended to Ansal Properties and Infrastructure Limited (APIL).
IL&FS Financial Services Limited extended a term loan facility of Rs. 100,00,00,000/- to Ansal Properties and Infrastructure Limited (APIL).
Elitist Realtors Private Limited executed a deed of guarantee dated 23.03.2017 in favor of IL&FS Financial Services Limited, guaranteeing the repayment of the loan amount.
APIL defaulted on the loan repayment, leading IL&FS Financial Services Limited to issue a notice dated 17.10.2017.
IL&FS Financial Services Limited classified APIL's account as a Non-Performing Asset (NPA) on 29.09.2018.
IL&FS Financial Services Limited issued a recall notice on 26.03.2019, recalling the entire facilities sanctioned to APIL and demanding payment of Rs. 124,49,70,295.56/-.
…IL&FS Financial Services Limited issued a…
Loan agreement was…