Canara Bank, as the Financial Creditor/Petitioner, filed an application under Section 7 of the IBC against M/s SS Realtech Pvt. Ltd., the Corporate Debtor/Respondent, seeking initiation of CIRP due to a default in repayment of a financial debt amounting to Rs. 29,90,08,503.10.
Canara Bank sanctioned a Term Loan of Rs 18.51 crores to M/s SS Realtech Pvt. Ltd. on 09.07.2014, secured by hypothecation and equitable mortgage.
The loan was intended for constructing a 4-star budget hotel in Moradabad, Uttar Pradesh.
M/s SS Realtech Pvt. Ltd. defaulted in repaying the loan, leading to the account being classified as NPA on 29.09.2015.
Canara Bank issued notices under the SARFAESI Act and filed an application before the Debts Recovery Tribunal (DRT) for debt recovery.
M/s SS Realtech Pvt. Ltd. acknowledged the debt in its financial statements and various OTS proposals.
M/s SS Realtech Pvt. Ltd. contended that the application was barred by limitation and alleged 'forum shopping' by Canara Bank.
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Canara Bank sanctioned…
The loan account of M/s SS Realtech Pvt. Ltd.…
Canara Bank, as the Financial Creditor/Petitioner, filed an application under Section 7 of the IBC against M/s SS Realtech Pvt. Ltd., the Corporate Debtor/Respondent, seeking initiation of CIRP due to a default in repayment of a financial debt amounting to Rs. 29,90,08,503.10.
Canara Bank sanctioned a Term Loan of Rs 18.51 crores to M/s SS Realtech Pvt. Ltd. on 09.07.2014, secured by hypothecation and equitable mortgage.
The loan was intended for constructing a 4-star budget hotel in Moradabad, Uttar Pradesh.
M/s SS Realtech Pvt. Ltd. defaulted in repaying the loan, leading to the account being classified as NPA on 29.09.2015.
Canara Bank issued notices under the SARFAESI Act and filed an application before the Debts Recovery Tribunal (DRT) for debt recovery.
M/s SS Realtech Pvt. Ltd. acknowledged the debt in its financial statements and various OTS proposals.
M/s SS Realtech Pvt. Ltd. contended that the application was barred by limitation and alleged 'forum shopping' by Canara Bank.
…Canara Bank sanctioned…
The loan account of M/s SS Realtech Pvt. Ltd.…