Gstaad Hotels Pvt. Ltd. filed a writ petition in the High Court of Karnataka at Bengaluru, challenging the assignment of its loan account by Piramal Enterprises Limited and Piramal Capital and Housing Finance Ltd. to Omkara Assets Reconstruction Private Limited. The petitioner argued that the assignment was contrary to law, specifically the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) and Master Circulars issued by the Reserve Bank of India (RBI). The petitioner also claimed that the loan account was not declared a non-performing asset (NPA) before the assignment, violating principles of natural justice. The petitioner sought a declaration that all actions taken pursuant to the assignment, including
…Gstaad Hotels Pvt. Ltd., operating a 5-Star Hotel known as JW Marriott, received a loan of ₹450 crores from Piramal Enterprises Limited (Respondent No. 5), along with a revolving credit facility of ₹50 crores, to repay existing dues to Yes Bank and for general corporate purposes. A loan agreement was executed on 2017-12-26. Between December 2017 and March 2020, the petitioner's account was regular, and interest was paid through a cash management agreement. Approximately ₹115.25 crores, excluding ₹7 crores for credit facilities, was paid at regular intervals. Due to the COVID-19 pandemic, the petitioner's cash flow was impacted. Two schemes, Guaranteed Emergency Credit Line (`GECL') and Emergency Credit Line Guarantee Scheme ('ECLGS'), were launched through Piramal
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A loan agreement was executed between Gstaad…
The petitioner's account was regular and…
Gstaad Hotels Pvt. Ltd. filed a writ petition in the High Court of Karnataka at Bengaluru, challenging the assignment of its loan account by Piramal Enterprises Limited and Piramal Capital and Housing Finance Ltd. to Omkara Assets Reconstruction Private Limited. The petitioner argued that the assignment was contrary to law, specifically the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) and Master Circulars issued by the Reserve Bank of India (RBI). The petitioner also claimed that the loan account was not declared a non-performing asset (NPA) before the assignment, violating principles of natural justice. The petitioner sought a declaration that all actions taken pursuant to the assignment, including
…Gstaad Hotels Pvt. Ltd., operating a 5-Star Hotel known as JW Marriott, received a loan of ₹450 crores from Piramal Enterprises Limited (Respondent No. 5), along with a revolving credit facility of ₹50 crores, to repay existing dues to Yes Bank and for general corporate purposes. A loan agreement was executed on 2017-12-26. Between December 2017 and March 2020, the petitioner's account was regular, and interest was paid through a cash management agreement. Approximately ₹115.25 crores, excluding ₹7 crores for credit facilities, was paid at regular intervals. Due to the COVID-19 pandemic, the petitioner's cash flow was impacted. Two schemes, Guaranteed Emergency Credit Line (`GECL') and Emergency Credit Line Guarantee Scheme ('ECLGS'), were launched through Piramal
…A loan agreement was executed between Gstaad…
The petitioner's account was regular and…