The case revolves around the withdrawal of a One Time Settlement (OTS) scheme by Punjab and Sind Bank ('respondent-bank') for Ambience Private Limited ('petitioner-company'). The petitioner-company had availed term loans and other credit facilities from the respondent-bank and other lenders, including Punjab National Bank (PNB) and HDFC Limited, for a real estate project in Noida. Due to financial difficulties, the petitioner-company entered into an OTS scheme with the respondent-bank. Subsequently, the petitioner-company fully repaid its loan to PNB, the lead bank in a consortium of lenders, without availing any OTS from PNB. The respondent-bank, alleging misrepresentation and non-compliance with the terms of the OTS, withdrew the OTS extension despite the
…Ambience Private Limited (petitioner) obtained term loans from Punjab and Sind Bank (respondent) and other lenders (HDFC Limited and Punjab National Bank (PNB)) for a real estate project in Noida. The loans were under a Multiple Banking Arrangement. The petitioner failed to adhere to repayment commitments, leading to the loan accounts being classified as Non-Performing Assets (NPA) in March 2019. The petitioner underwent Corporate Insolvency Resolution Process (CIRP) from 2020-2022, which was later set aside by NCLAT. The petitioner approached the respondent-bank for settling accounts, and an OTS for ₹122 Crores was approved for the Panipat Project, which was paid and adjusted by October 2022. For the Noida Project, the petitioner proposed an OTS, initially for ₹111.21
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Loans sanctioned to the petitioner-company…
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The case revolves around the withdrawal of a One Time Settlement (OTS) scheme by Punjab and Sind Bank ('respondent-bank') for Ambience Private Limited ('petitioner-company'). The petitioner-company had availed term loans and other credit facilities from the respondent-bank and other lenders, including Punjab National Bank (PNB) and HDFC Limited, for a real estate project in Noida. Due to financial difficulties, the petitioner-company entered into an OTS scheme with the respondent-bank. Subsequently, the petitioner-company fully repaid its loan to PNB, the lead bank in a consortium of lenders, without availing any OTS from PNB. The respondent-bank, alleging misrepresentation and non-compliance with the terms of the OTS, withdrew the OTS extension despite the
…Ambience Private Limited (petitioner) obtained term loans from Punjab and Sind Bank (respondent) and other lenders (HDFC Limited and Punjab National Bank (PNB)) for a real estate project in Noida. The loans were under a Multiple Banking Arrangement. The petitioner failed to adhere to repayment commitments, leading to the loan accounts being classified as Non-Performing Assets (NPA) in March 2019. The petitioner underwent Corporate Insolvency Resolution Process (CIRP) from 2020-2022, which was later set aside by NCLAT. The petitioner approached the respondent-bank for settling accounts, and an OTS for ₹122 Crores was approved for the Panipat Project, which was paid and adjusted by October 2022. For the Noida Project, the petitioner proposed an OTS, initially for ₹111.21
…Loans sanctioned to the petitioner-company…
The petitioner-company's loan accounts were…
Sign in to view related legal provisions.