NCLT accepts IDFC’s appeal against Marvel Realtors

If recent reports are to be believed, Pune-based real estate company Marvel Realtors & Developers has been accepted by a bankruptcy court into the corporate insolvency resolution process (CIRP). Mr Manoj Kumar Mishra has been appointed as the interim resolution professional (IRP).

The National Firm Law Tribunal (NCLT) Mumbai's bench granted the lender IDFC First Bank's request to put the company into administration after the real estate company defaulted on more than 44 crore rupees worth of debt, thereby pushing the lender to approach the bankruptcy court.

Marvel Realtors & Developers received a 48-crore term loan from IDFC First Bank in July 2017 at an annual interest rate of 17.5%. The loan agreement said that the debt would be paid off in 48 monthly instalments with the principle to be paid up in 10 instalments.

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NCLT accepts IDFC’s appeal against Marvel Realtors

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