Bombay HC finds Hirco arm prima facie loan defaulter

by Paul Joseph on November 2, 2013 · 0 comments

MUMBAI: The Bombay High Court has asked a subsidiary of real estate firm Hirco Plc to disclose all its assets in an interim order that observed that prima facie Hiranandani Palace Gardens has defaulted on loan repayment to Tata Capital Financial Services. Tata Capital Financial Services had filed a winding-up petition against Hiranandani Palace Gardens, which has undertaken township projects in Chennai and at Panvel near Mumbai, over alleged default of term loan worth Rs 76 crore. The lender has demanded liquidating the firm. The court has now passed an interim order with prima facie view that the firm has defaulted on its loan repayment to Tata Capital. Hiranandani Palace

[via Real Estate India – Indian Property News and Discussion Forums]

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