M/s Sadhana City Homes Private Limited, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s UPAL Buildtech Private Limited, the Corporate Debtor.
M/s Sadhana City Homes Private Limited filed a petition under Section 7 of the IBC to initiate CIRP against M/s UPAL Buildtech Private Limited. The Corporate Debtor, M/s UPAL Buildtech Private Limited, is a Corporate Guarantor to the Principal Borrower, M/s Vayuputra Constructions Private Limited. The Principal Borrower approached the Financial Creditor in 2016 for financial assistance. A Loan Agreement dated 01.05.2017 was entered into between the Financial Creditor and the Principal Borrower. The Financial Creditor extended the loan facility for a period of 2 years. The Financial Creditor and Principal Borrower executed a Memorandum of Understanding (MOU) cum Loan Amendment agreement on 20.05.2020. The Financial Creditor sent an Invocation Letter dated 02.08.2023 to
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The present application…
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M/s Sadhana City Homes Private Limited, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s UPAL Buildtech Private Limited, the Corporate Debtor.
M/s Sadhana City Homes Private Limited filed a petition under Section 7 of the IBC to initiate CIRP against M/s UPAL Buildtech Private Limited. The Corporate Debtor, M/s UPAL Buildtech Private Limited, is a Corporate Guarantor to the Principal Borrower, M/s Vayuputra Constructions Private Limited. The Principal Borrower approached the Financial Creditor in 2016 for financial assistance. A Loan Agreement dated 01.05.2017 was entered into between the Financial Creditor and the Principal Borrower. The Financial Creditor extended the loan facility for a period of 2 years. The Financial Creditor and Principal Borrower executed a Memorandum of Understanding (MOU) cum Loan Amendment agreement on 20.05.2020. The Financial Creditor sent an Invocation Letter dated 02.08.2023 to
…The present application…
Co-ordinate bench of this Adjudicating Authority…