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has been accepted by the bankruptcy court Piramal Capital & Housing Financepetition for initiation of insolvency proceedings against Mumbai realtor Prithvi Residency For failure of the borrower to pay more than ₹850 crore in the outstanding amount. The loan was sanctioned by mortgage lender DHFL, which was acquired by Piramal in bankruptcy.
After this Jayesh Natwarlal will be the administrator of Sanghraj National Company Law TribunalThe (NCLT) Mumbai bench acted on Piramal’s request. The total outstanding of ₹877 crore includes both principal and interest, but has not been paid.
Piramal filed its application in January 2022, while the developer did not pay his dues in March 2019. Dewan Housing Finance (DHFL), which has been acquired by Piramal in the insolvency auction.
DHFL had sanctioned a loan of ₹485 crore Earth Residence in 2017.
Between November 2016 and June 2017, the financial creditor disbursed a total amount of ₹484.95 crore to the developer. Under the revised sanction letter dated March 2017, the company was granted interest moratorium of 15 months with effect from January 2017, with annual servicing of interest. The first such annual interest servicing was due on March 31, 2018.
The developer made several defaults under the loan agreement and the first such default happened in March 2019.
DHFL had written letters to the developer in December 2019 and January 2020 asking it to make the payment, but the realtor did not do so.
Finally, the lender issued a notice in April 2020 informing the developer that he had failed to pay two installments totaling over ₹113.2 crore and called back the entire loan amount of ₹615.12 crore. It asked the company to pay the amount within 7 days from the date of notice. However, the developer missed.
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