Jayesh Natvarlal Sanghrajka will be the administrator after the National Company Law Tribunal‘s (NCLT) Mumbai bench acted on Piramal’s request. Total dues of ₹877 crore include both the principal and interest accrued but unpaid.
Piramal had filed its application in January 2022, while the developer had defaulted on its dues in March 2019. The company originally owed the funds to Dewan Housing Finance (DHFL), which has been acquired by Piramal in a bankruptcy auction.
DHFL had sanctioned a loan of ₹485 crore to Prithvi Residency in 2017.
Between November 2016 and June 2017, the financial creditor disbursed a total sum of ₹484.95 crore to the developer. Under the revised sanction letter in March 2017, an interest moratorium of 15 months with effect from January 2017 was provided to the company with annual servicing of interest. The first such annual interest servicing was due on March 31, 2018.
The developer committed various defaults under the loan agreement and first such default occurred in March 2019.
DHFL had written to the developer in December 2019 and January 2020 asking the developer to pay, but the realtor didn’t.Finally, the lender issued a notice in April 2020 informing the developer that it had failed to pay two instalments aggregating to over ₹113.2 crore and recalled the entire loan amount of ₹615.12 crore. It had asked the company to pay this amount within 7 days from the date of notice. However, the developer defaulted.