In 2022, the National Company Law Appellate Tribunal (NCLAT) had rejected a plea filed by the promoter of Satra Properties and upheld the ruling of the NCLT Mumbai bench to admit the company under the corporate insolvency resolution process (CIRP).
IIFLs financial claim amounts to more than Rs 185 crore including principal amount and interest thereon as of August 2020. The developer had also agreed and acknowledged debt of more than Rs 148 crore as of August 2019. Following Satra Properties default on both the loan facilities, IIFL Finance had moved the tribunal in 2019, after which the developer and the lender entered into consent terms in September 2019.
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