The case involves a dispute over the withdrawal of a One Time Settlement (OTS) scheme by Punjab and Sind Bank (respondent-bank) for Ambience Private Limited (petitioner-company) concerning a term loan for the Noida Project. The petitioner-company had initially availed term loans and other credit facilities from the respondent-bank and other lenders, including HDFC Limited and Punjab National Bank (PNB). The company faced financial difficulties, leading to its accounts being classified as Non-Performing Assets (NPA). Subsequently, the company approached the respondent-bank for an OTS to settle its accounts. After negotiations and extensions, the respondent-bank withdrew the OTS, alleging deviations and non-compliance with the terms and conditions. The petitioner-company
…Ambience Private Limited (petitioner) obtained term loans totaling ₹155 Crores from Punjab and Sind Bank (respondent) for a real estate project in Noida. Other lenders included HDFC Limited and Oriental Bank of Commerce (now Punjab National Bank or PNB). The loans were initially sanctioned under a Multiple Banking Arrangement. The petitioner also obtained a ₹150 Crore term loan for a Panipat project and an overdraft facility of ₹100 Crores. The petitioner failed to meet repayment commitments, leading to the loan accounts being classified as NPA on March 31, 2019. The company underwent Corporate Insolvency Resolution Process (CIRP) from 2020-2022, which was later set aside by NCLAT on August 2, 2022. The petitioner approached the respondent for an OTS. An OTS of ₹122
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Loans sanctioned to Ambience Private Limited…
Ambience Private Limited's loan accounts…
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The case involves a dispute over the withdrawal of a One Time Settlement (OTS) scheme by Punjab and Sind Bank (respondent-bank) for Ambience Private Limited (petitioner-company) concerning a term loan for the Noida Project. The petitioner-company had initially availed term loans and other credit facilities from the respondent-bank and other lenders, including HDFC Limited and Punjab National Bank (PNB). The company faced financial difficulties, leading to its accounts being classified as Non-Performing Assets (NPA). Subsequently, the company approached the respondent-bank for an OTS to settle its accounts. After negotiations and extensions, the respondent-bank withdrew the OTS, alleging deviations and non-compliance with the terms and conditions. The petitioner-company
…Ambience Private Limited (petitioner) obtained term loans totaling ₹155 Crores from Punjab and Sind Bank (respondent) for a real estate project in Noida. Other lenders included HDFC Limited and Oriental Bank of Commerce (now Punjab National Bank or PNB). The loans were initially sanctioned under a Multiple Banking Arrangement. The petitioner also obtained a ₹150 Crore term loan for a Panipat project and an overdraft facility of ₹100 Crores. The petitioner failed to meet repayment commitments, leading to the loan accounts being classified as NPA on March 31, 2019. The company underwent Corporate Insolvency Resolution Process (CIRP) from 2020-2022, which was later set aside by NCLAT on August 2, 2022. The petitioner approached the respondent for an OTS. An OTS of ₹122
…Loans sanctioned to Ambience Private Limited…
Ambience Private Limited's loan accounts…
Sign in to view related legal provisions.