The appeal arises from an order by the Adjudicating Authority, Chandigarh Bench, admitting a Section 7 application filed by U.V. Asset Reconstruction Company Limited (UVARC) against Majestic Hotels Limited, initiating Corporate Insolvency Resolution Process (CIRP).
Majestic Hotels Limited availed multiple term loans from financial institutions, including Tourism Finance Corporation of India (TFCI) and Industrial Finance Corporation of India (IFCI), to construct and run its hotel.
IFCI classified the loan account as Non-Performing Asset (NPA) on 30.06.2012, followed by TFCI on 30.09.2012.
U.V. Asset Reconstruction Company Limited (UVARC) acquired the loans and underlying securities of both IFCI and TFCI on 12.12.2017.
A settlement-cum-restructuring plan was agreed upon, including a Working Capital Term Loan (WCTL) to assist the revival of hotel operations.
The settlement terms provided for a 45-day cure period from the due date before any event of default could be declared.
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Corporate Debtor entered into a loan agreement…
IFCI classified the…
The appeal arises from an order by the Adjudicating Authority, Chandigarh Bench, admitting a Section 7 application filed by U.V. Asset Reconstruction Company Limited (UVARC) against Majestic Hotels Limited, initiating Corporate Insolvency Resolution Process (CIRP).
Majestic Hotels Limited availed multiple term loans from financial institutions, including Tourism Finance Corporation of India (TFCI) and Industrial Finance Corporation of India (IFCI), to construct and run its hotel.
IFCI classified the loan account as Non-Performing Asset (NPA) on 30.06.2012, followed by TFCI on 30.09.2012.
U.V. Asset Reconstruction Company Limited (UVARC) acquired the loans and underlying securities of both IFCI and TFCI on 12.12.2017.
A settlement-cum-restructuring plan was agreed upon, including a Working Capital Term Loan (WCTL) to assist the revival of hotel operations.
The settlement terms provided for a 45-day cure period from the due date before any event of default could be declared.
…Corporate Debtor entered into a loan agreement…
IFCI classified the…