IL&FS Financial Services Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Satluj Real Estates Private Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The petition is based on the Corporate Debtor's failure to pay a debt of Rs. 257,43,12,692/- as a guarantor to the principal borrower, Ansal Properties and Infrastructure Limited (APIL).
IL&FS Financial Services Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Satluj Real Estates Private Limited.
The petition pertains to a financial debt of Rs. 257,43,12,692/-.
Satluj Real Estates Private Limited acted as a corporate guarantor for loans extended to Ansal Properties and Infrastructure Limited (APIL).
APIL defaulted on its repayment obligations, leading to the invocation of the guarantee.
IL&FS Financial Services Limited had previously filed a petition against APIL, which was withdrawn after a settlement agreement was reached.
APIL failed to adhere to the terms of the settlement agreement, leading to the current petition against the corporate guarantor.
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IL&FS Financial Services Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Satluj Real Estates Private Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The petition is based on the Corporate Debtor's failure to pay a debt of Rs. 257,43,12,692/- as a guarantor to the principal borrower, Ansal Properties and Infrastructure Limited (APIL).
IL&FS Financial Services Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Satluj Real Estates Private Limited.
The petition pertains to a financial debt of Rs. 257,43,12,692/-.
Satluj Real Estates Private Limited acted as a corporate guarantor for loans extended to Ansal Properties and Infrastructure Limited (APIL).
APIL defaulted on its repayment obligations, leading to the invocation of the guarantee.
IL&FS Financial Services Limited had previously filed a petition against APIL, which was withdrawn after a settlement agreement was reached.
APIL failed to adhere to the terms of the settlement agreement, leading to the current petition against the corporate guarantor.
…Applicant granted a term loan facility of…
Loan agreement…