# In the matter of Deepak Raheja and Ors. vs. Union of India and Ors.

> HC judgment dated 2025-05-19. Citation: TCN-2025-HC-00064. This intra-court appeal was filed by Deepak Raheja and Anita Raheja, Directors of the Suspended…

- **Court:** HC
- **Order date:** 19 May 2025
- **Citation:** TCN-2025-HC-00064
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/bombay-high-court-panaji/deepak-raheja-and-ors-vs-union-of-india-and-ors-a6882dce

## Summary

### Background

This intra-court appeal was filed by Deepak Raheja and Anita Raheja, Directors of the Suspended Board of GSTAAD Hotels Pvt. Ltd. and GSTAAD Hotels Pvt. Ltd., challenging the order dated 28.02.2024 passed by the learned Single Judge in WP No.6037/2023, which dismissed the writ petition filed by GSTAAD Hotels Pvt. Ltd.

## Facts

Piramal Enterprises Limited sanctioned a loan of Rs.450 Crores to GSTAAD Hotels Pvt. Ltd. in addition to a revolving credit facility of Rs.50 Crores.

A loan agreement dated 26.12.2017 was executed.

GSTAAD Hotels Pvt. Ltd. is in the hospitality business and operates a 5-Star Hotel known as JW Marriott.

Due to COVID-19, GSTAAD Hotels Pvt. Ltd. faced difficulties, leading to the launch of Guaranteed Emergency Credit Line (GECL) and Emergency Credit Line Guarantee Scheme (ECLGS).

On 27.12.2022, the loan account of GSTAAD Hotels Pvt. Ltd. was assigned by Piramal Enterprises to Omkara Assets Reconstruction Private Limited.

On 15.02.2023, Omkara issued a notice to recall the main facility loan and the loans granted under the ECLGS scheme.

…

## Issues and analysis

### Issue 1: Whether prior notice or intimation is …

**Ratio:** The requirement of law can only be

…

**Reasoning:** The court referred to the judgments of the Supreme Court in ICICI Bank Limited -Vs.-

…

**Interpretation:** The court interpreted the law to mean that a borrower need only be informed of

…

**Application:** The court found that the appellants were given intimation of the assignment

…

## Parties

- **Judges:** V. KAMESW…; T.M.N…
- **Appellants:** Deepak R…; Anita R…
- **Respondents:** GSTAAD HOTELS…; Union of…; +8 more
- **Other parties:** Aditya R…; Jayesh Sang…
- **Advocates:** Ajesh Ku…; Anasuya De…; +6 more

## Timeline

- **2025-05-19 — Judgment…**: The judgment was…
- **2024-02-28 — Order Chal…**: Order passed by the Ld. Single Judge in Writ…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/bombay-high-court-panaji/deepak-raheja-and-ors-vs-union-of-india-and-ors-a6882dce