IL&FS Financial Services Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Icon Buildcon Private Limited, the Corporate Debtor, due to a default in payment of a financial debt.
IL&FS Financial Services Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Icon Buildcon Private Limited.
Icon Buildcon Private Limited is the Corporate Debtor and also a Corporate Guarantor to Ansal Properties and Infrastructure Limited (APIL).
APIL defaulted on a loan facility of Rs. 50,00,00,000/- granted by IL&FS Financial Services Limited.
A deed of guarantee was executed by the Corporate Debtor in favor of the Applicant on 11.05.2016.
APIL made settlement proposals, but the settlement failed.
The Corporate Debtor defaulted in making payment of Rs. 23,07,38,282/-.
A demand notice was issued to the Corporate Debtor on 09.09.2024.
CIRP has already been initiated against the Principal Borrower, APIL.
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Applicant extended credit facilities vide its…
Loan agreemen…
IL&FS Financial Services Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Icon Buildcon Private Limited, the Corporate Debtor, due to a default in payment of a financial debt.
IL&FS Financial Services Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Icon Buildcon Private Limited.
Icon Buildcon Private Limited is the Corporate Debtor and also a Corporate Guarantor to Ansal Properties and Infrastructure Limited (APIL).
APIL defaulted on a loan facility of Rs. 50,00,00,000/- granted by IL&FS Financial Services Limited.
A deed of guarantee was executed by the Corporate Debtor in favor of the Applicant on 11.05.2016.
APIL made settlement proposals, but the settlement failed.
The Corporate Debtor defaulted in making payment of Rs. 23,07,38,282/-.
A demand notice was issued to the Corporate Debtor on 09.09.2024.
CIRP has already been initiated against the Principal Borrower, APIL.
…Applicant extended credit facilities vide its…
Loan agreemen…