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Mumbai: Bankruptcy court has accepted Marvel Realtors & Developers under the Corporate Insolvency Resolution Process (CIRP) and appointed Manoj Kumar Mishra As Interim Resolution Professional for a Pune based realty firm.
Mumbai Bench of the National Company Law Tribunal (NCLT)NCLT) allowed the petition filed by the creditors of the company IDFC First Bank To take the company into administration.
The lender had approached the bankruptcy court after the realty firm defaulted on dues of over ₹44 crore.
IDFC First The bank had sanctioned a term loan of ₹48 crore in July 2017 in favor of Marvel Realtors & Developers at an interest rate of 17.5% per annum.
As per the loan agreement, the loan was stipulated to be repaid in 48 monthly installments and the principal amount was to be repaid in 10 instalments.
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