The appeal was filed by the suspended directors of Dugal Projects Development Company Private Limited against the order of the National Company Law Tribunal (NCLT), Mumbai Bench, which admitted an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) filed by Alchemist Assets Reconstruction Company Private Limited (AARC), the Respondent No. 2, against the Corporate Debtor. The NCLT admitted CP 2527(IB)/MB/2018 against the Corporate Debtor but dismissed CP(IB) No. 2528/MB/2018 against the Principal Borrower, Sima Hotels and Reports Ltd. The Financial Creditor had filed two Section 7 applications on 10th July 2018, one against the Principal Borrower and one against the Corporate Debtor. The Corporate Debtor had provided a corporate guarantee for the
…In 1986, Sima Hotels and Reports Ltd. (Principal Borrower) obtained financial assistance from IFCI/IDBI/ICICI to establish a five-star hotel in Goa on land owned by Dugal Projects Development Company Private Limited (Corporate Debtor). A loan agreement was executed on 04.11.1987, requiring the Principal Borrower to procure a corporate guarantee from the Corporate Debtor. The Corporate Debtor executed a deed of personal guarantee on 06.11.1987. The Principal Borrower defaulted on repayment, leading IFCI to cancel the undisbursed loan on 13.03.1989 and recall the outstanding amount on 29.11.1989. IFCI invoked the guarantee on 05.01.1990, demanding Rs. 5,43,94,687/-. A joint civil suit was filed in 1991 and transferred to Debt Recovery Tribunal (DRT), Mumbai, renumbered
…Sign in to view the parties.
Sima Hotels and Reports…
Loan Agreement…
The appeal was filed by the suspended directors of Dugal Projects Development Company Private Limited against the order of the National Company Law Tribunal (NCLT), Mumbai Bench, which admitted an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) filed by Alchemist Assets Reconstruction Company Private Limited (AARC), the Respondent No. 2, against the Corporate Debtor. The NCLT admitted CP 2527(IB)/MB/2018 against the Corporate Debtor but dismissed CP(IB) No. 2528/MB/2018 against the Principal Borrower, Sima Hotels and Reports Ltd. The Financial Creditor had filed two Section 7 applications on 10th July 2018, one against the Principal Borrower and one against the Corporate Debtor. The Corporate Debtor had provided a corporate guarantee for the
…In 1986, Sima Hotels and Reports Ltd. (Principal Borrower) obtained financial assistance from IFCI/IDBI/ICICI to establish a five-star hotel in Goa on land owned by Dugal Projects Development Company Private Limited (Corporate Debtor). A loan agreement was executed on 04.11.1987, requiring the Principal Borrower to procure a corporate guarantee from the Corporate Debtor. The Corporate Debtor executed a deed of personal guarantee on 06.11.1987. The Principal Borrower defaulted on repayment, leading IFCI to cancel the undisbursed loan on 13.03.1989 and recall the outstanding amount on 29.11.1989. IFCI invoked the guarantee on 05.01.1990, demanding Rs. 5,43,94,687/-. A joint civil suit was filed in 1991 and transferred to Debt Recovery Tribunal (DRT), Mumbai, renumbered
…Sima Hotels and Reports…
Loan Agreement…