Max Square Exposé

Max Square www.infralive.com 23 Infra LIVE June 15, 2022 v) Tenure of loan: 60 months from the date of first disbursement Repayment terms: Loan will be payable in bullet instalment at the end th of 60 month from the date of first disbursement.” The IndusInd Bank did not bother to check whether the project had got the relevant approvals including acquisition of land by Axis Bank from JIL in March 2017 during the look-back period/ twilight period of Corporate Insolvency Resolution Process (CIRP) of JIL etc and whether it was registered with UP RERA or not. It also did not verify as to why or how Max got the plot of land much cheaper than the market rate from Axis Bank and whether such arrange- ments were legally tenable or not. to be 1.5 times based on market values of the property to be main- tained throughout tenure of the facility ii) Corporate guarantee of Max Estates Limited and Max Ventures Industries Ltd iii) DSRA - 3 months interest to be created iv) Borrower to open Escrow account with IBL Consideration = Rs 100 cr Market Value = Rs 167.38 cr In year 2020 Scan-A: Extract of agreement between NPSL and Axis Bank at lower rates than market value @ Rs 72,995/sqm