The bankruptcy court has admitted Marvel Realtors & Developers Ltd under the corporate insolvency resolution process (CIRP) and appointed Manoj Kumar Mishra as the interim resolution professional for the Pune-based realty firm.
The Mumbai bench of the National Company Law Tribunal (NCLT) allowed the petition filed by companys lender IDFC First Bank to initiate the insolvency proceedings.
The lender had approached the bankruptcy court after the realty firm defaulted on its dues of over Rs 44.50 crore.
IDFC First Bank had sanctioned a term loan of Rs 48 crores in favour of Marvel Realtors & Developers at interest rate of 17.5% per annum in July 2017. As per the loan agreement, the debt was scheduled to be repaid in 48 monthly instalments and…
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