IL&FS Financial Services Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Gharondha Realtors Private Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The petition pertains to a default on a financial debt where Gharondha Realtors acted as a corporate guarantor for Ansal Properties and Infrastructure Limited (APIL).
IL&FS Financial Services Limited extended credit facilities to Ansal Properties and Infrastructure Limited (APIL) amounting to Rs. 100,00,00,000/-.
Gharondha Realtors Private Limited executed a deed of guarantee dated 23.03.2017 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.
IL&FS classified APIL's account as a Non-Performing Asset (NPA) on 29.09.2018.
IL&FS issued a recall notice on 26.03.2019, recalling the facilities sanctioned to APIL and demanding payment of Rs. 124,49,70,295.56/-.
IL&FS filed a petition under Section 7 of the IBC against APIL, which was later withdrawn with liberty to revive.
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IL&FS Financial Services Limited issued a…
Loan agreement…
IL&FS Financial Services Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Gharondha Realtors Private Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The petition pertains to a default on a financial debt where Gharondha Realtors acted as a corporate guarantor for Ansal Properties and Infrastructure Limited (APIL).
IL&FS Financial Services Limited extended credit facilities to Ansal Properties and Infrastructure Limited (APIL) amounting to Rs. 100,00,00,000/-.
Gharondha Realtors Private Limited executed a deed of guarantee dated 23.03.2017 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.
IL&FS classified APIL's account as a Non-Performing Asset (NPA) on 29.09.2018.
IL&FS issued a recall notice on 26.03.2019, recalling the facilities sanctioned to APIL and demanding payment of Rs. 124,49,70,295.56/-.
IL&FS filed a petition under Section 7 of the IBC against APIL, which was later withdrawn with liberty to revive.
…IL&FS Financial Services Limited issued a…
Loan agreement…