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ARTICLE · 22 MARCH 2022

Restructuring & Insolvency Monthly Update | January 2022

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On June 22, 2014, a Master Agreement to Sell (Master Agreement) was entered into between IDBI Trusteeship Ltd and Karvy Realty (India) Ltd which aimed to raise an amount of INR 50 crore...

IndiaInsolvency/Bankruptcy/Re-Structuring
Abhirup Dasgupta
Abhirup Dasgupta
Pratik Ghose
Pratik Ghose
Ishaan Duggal
Ishaan Duggal
Avishek Roy
Avishek Roy
Bhawana Sharma
Bhawana Sharma
Akriti Shikha
Akriti Shikha
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RECENT JUDGMENTS

E S Krishnamurthy & Ors v. M/s Bharath Hi Tech Builders Pvt Ltd

Supreme Court of India | Judgment dated December 14, 2021 [Civil Appeal No. 3325 of 2020]

Background facts

  • On June 22, 2014, a Master Agreement to Sell (Master Agreement) was entered into between IDBI Trusteeship Ltd and Karvy Realty (India) Ltd which aimed to raise an amount of INR 50 crore for the development of 100 acres of agricultural land. Since the required funds could not be generated through the Master Agreement, a Syndicate Loan Agreement was entered into for availing a term loan of INR 18 crore from prospective lenders. However, due to the default on the part of M/s Bharath Hi Tech Builders Pvt Ltd (Respondent) to make the repayment of an amount of INR 33,84,32,493, 11 out of the 17 financial creditors including E S Krishnamurthy (Appellants) filed an Application under Section 7 of the IBC on April 26, 2019, before the NCLT, Bengaluru.

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