Omkara Assets Reconstruction Pvt. Ltd. (Financial Creditor) filed a Section 7 IBC application against ESPO Developers Pvt. Ltd. (Corporate Debtor) for defaulting on a financial debt of Rs. 164,03,41,432/-. The debt originated from a 2019 loan sanctioned by Indiabulls Housing Finance Limited (IHFL) to ESPO Developers Pvt. Ltd., which was later assigned to Omkara. The parties had entered into a One-Time Settlement (OTS) and subsequently a comprehensive Settlement Agreement, which included ATS transactions and buy-back rights. The Corporate Debtor argued that the debt was discharged, the Settlement Agreement was unlawfully terminated, and disputes were pending in arbitration. The Corporate Debtor also filed applications to place additional documents on record and to
…Omkara Assets Reconstruction Pvt. Ltd. (Financial Creditor) filed a Section 7 IBC application against ESPO Developers Pvt. Ltd. (Corporate Debtor).
The Corporate Debtor defaulted on a financial debt of Rs. 164,03,41,432/- as of April 09, 2026.
The debt originated from a loan of Rs. 136,00,00,000/- sanctioned by Indiabulls Housing Finance Limited (IHFL) to ESPO Developers Pvt. Ltd. on January 17, 2019.
A Loan Agreement was executed on January 18, 2019, and Rs. 135,15,00,000/- was disbursed to Vatika Limited's bank account on March 29, 2019, not directly to the Corporate Debtor.
On September 1, 2021, Indiabulls entered into a One-Time Settlement (OTS) with the Corporate Debtor, reducing the outstanding liability to Rs. 67,31,92,314/- plus interest.
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Indiabulls Housing Finance Limited (IHFL)…
A Loan Agreement (Loan Account No.…
Omkara Assets Reconstruction Pvt. Ltd. (Financial Creditor) filed a Section 7 IBC application against ESPO Developers Pvt. Ltd. (Corporate Debtor) for defaulting on a financial debt of Rs. 164,03,41,432/-. The debt originated from a 2019 loan sanctioned by Indiabulls Housing Finance Limited (IHFL) to ESPO Developers Pvt. Ltd., which was later assigned to Omkara. The parties had entered into a One-Time Settlement (OTS) and subsequently a comprehensive Settlement Agreement, which included ATS transactions and buy-back rights. The Corporate Debtor argued that the debt was discharged, the Settlement Agreement was unlawfully terminated, and disputes were pending in arbitration. The Corporate Debtor also filed applications to place additional documents on record and to
…Omkara Assets Reconstruction Pvt. Ltd. (Financial Creditor) filed a Section 7 IBC application against ESPO Developers Pvt. Ltd. (Corporate Debtor).
The Corporate Debtor defaulted on a financial debt of Rs. 164,03,41,432/- as of April 09, 2026.
The debt originated from a loan of Rs. 136,00,00,000/- sanctioned by Indiabulls Housing Finance Limited (IHFL) to ESPO Developers Pvt. Ltd. on January 17, 2019.
A Loan Agreement was executed on January 18, 2019, and Rs. 135,15,00,000/- was disbursed to Vatika Limited's bank account on March 29, 2019, not directly to the Corporate Debtor.
On September 1, 2021, Indiabulls entered into a One-Time Settlement (OTS) with the Corporate Debtor, reducing the outstanding liability to Rs. 67,31,92,314/- plus interest.
…Indiabulls Housing Finance Limited (IHFL)…
A Loan Agreement (Loan Account No.…