This appeal challenges the Adjudicating Authority's order dated 27.09.2021, which admitted an application by Yes Bank Limited (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code (IBC). The appellant, the suspended director of RKW Developers Private Limited (Corporate Debtor), contests the order. The case revolves around a term loan of Rs. 1,700 crores sought by Belief Realtors Pvt. Ltd. (Principal Borrower) from Yes Bank for a project in Mumbai. The loan was split into two tranches: Rs. 750 crores to Belief Realtors and Rs. 950 crores to RKW Project Management Pvt. Ltd. A corporate guarantee was issued by the Corporate Debtor and the Appellant. The first tranche was disbursed, and a facility fee of Rs. 100 crores was deducted. The second tranche
…Belief Realtors Pvt. Ltd. sought a term loan of Rs. 1,700 crores from Yes Bank for a development project in Mumbai. The loan was structured in two tranches: Rs. 750 crores for Belief Realtors and Rs. 950 crores for RKW Project Management Pvt. Ltd. A facility fee of Rs. 100 crores was charged for the entire loan. The first tranche was disbursed on 27.09.2018, and the facility fee was deducted. The second tranche was cancelled on 13.12.2018 at the request of the Corporate Debtor. The borrower requested a refund of the proportionate facility fee (Rs. 55.88 crores) for the cancelled tranche on 29.07.2019. The bank did not respond but internally considered the matter. The bank partially refunded Rs. 10 crores in September 2019. The bank declared the account NPA on
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Facility letter dated 28.06.2018,…
A corporate guarantee was issued by the…
This appeal challenges the Adjudicating Authority's order dated 27.09.2021, which admitted an application by Yes Bank Limited (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code (IBC). The appellant, the suspended director of RKW Developers Private Limited (Corporate Debtor), contests the order. The case revolves around a term loan of Rs. 1,700 crores sought by Belief Realtors Pvt. Ltd. (Principal Borrower) from Yes Bank for a project in Mumbai. The loan was split into two tranches: Rs. 750 crores to Belief Realtors and Rs. 950 crores to RKW Project Management Pvt. Ltd. A corporate guarantee was issued by the Corporate Debtor and the Appellant. The first tranche was disbursed, and a facility fee of Rs. 100 crores was deducted. The second tranche
…Belief Realtors Pvt. Ltd. sought a term loan of Rs. 1,700 crores from Yes Bank for a development project in Mumbai. The loan was structured in two tranches: Rs. 750 crores for Belief Realtors and Rs. 950 crores for RKW Project Management Pvt. Ltd. A facility fee of Rs. 100 crores was charged for the entire loan. The first tranche was disbursed on 27.09.2018, and the facility fee was deducted. The second tranche was cancelled on 13.12.2018 at the request of the Corporate Debtor. The borrower requested a refund of the proportionate facility fee (Rs. 55.88 crores) for the cancelled tranche on 29.07.2019. The bank did not respond but internally considered the matter. The bank partially refunded Rs. 10 crores in September 2019. The bank declared the account NPA on
…Facility letter dated 28.06.2018,…
A corporate guarantee was issued by the…