The case involves a Company Appeal against an order dismissing an application for a One-Time Settlement (OTS) proposal. The Corporate Debtor had entered into a term loan agreement with a consortium of banks led by the State Bank of India to set up a 5-Star Hotel. The Corporate Debtor signed an operation-cum-management agreement with the Intercontinental Hotel Group (Holiday Inn) for the project in Tirupati. A credit of Rs. 113.70 Crore was made available to the Corporate Debtor. Subsequently, the Corporate Debtor's account was classified as a non-performing asset, and CIRP proceedings were initiated by the NCLT. The Appellant, acting as a Personal Guarantor, submitted multiple OTS proposals, which were rejected. Meanwhile, the NCLT approved a Resolution Plan submitted
…Dr. Yartagadda Krishna Mohan, the Appellant, filed a Company Appeal against the Impugned Order dated 12.09.2024. The Corporate Debtor entered into a term loan agreement with a consortium of Banks, led by the State Bank of India, for setting up a 5-Star Hotel and signed an operation-cum-management agreement with the Intercontinental Hotel Group (Holiday Inn) for the project in Tirupati. A credit of Rs. 113.70 Crore was made available to the Corporate Debtor. The Corporate Debtor's account was later classified as a non-performing asset, and CIRP proceedings were initiated by the NCLT. The Appellant, in the capacity of a Personal Guarantor, submitted an OTS proposal of Rs. 80 Crores to the Financial Creditor on 09.12.2022, which was rejected. He then submitted a revised
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The case involves a Company Appeal against an order dismissing an application for a One-Time Settlement (OTS) proposal. The Corporate Debtor had entered into a term loan agreement with a consortium of banks led by the State Bank of India to set up a 5-Star Hotel. The Corporate Debtor signed an operation-cum-management agreement with the Intercontinental Hotel Group (Holiday Inn) for the project in Tirupati. A credit of Rs. 113.70 Crore was made available to the Corporate Debtor. Subsequently, the Corporate Debtor's account was classified as a non-performing asset, and CIRP proceedings were initiated by the NCLT. The Appellant, acting as a Personal Guarantor, submitted multiple OTS proposals, which were rejected. Meanwhile, the NCLT approved a Resolution Plan submitted
…Dr. Yartagadda Krishna Mohan, the Appellant, filed a Company Appeal against the Impugned Order dated 12.09.2024. The Corporate Debtor entered into a term loan agreement with a consortium of Banks, led by the State Bank of India, for setting up a 5-Star Hotel and signed an operation-cum-management agreement with the Intercontinental Hotel Group (Holiday Inn) for the project in Tirupati. A credit of Rs. 113.70 Crore was made available to the Corporate Debtor. The Corporate Debtor's account was later classified as a non-performing asset, and CIRP proceedings were initiated by the NCLT. The Appellant, in the capacity of a Personal Guarantor, submitted an OTS proposal of Rs. 80 Crores to the Financial Creditor on 09.12.2022, which was rejected. He then submitted a revised
…Appellant submitted an…
Appellant submitted a…