Akasa Finance Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Ski & Snow Resorts Pvt. Ltd. (Corporate Debtor) due to a default on a term loan of Rs. 2,00,00,000/-. The Corporate Debtor was set ex-parte after failing to appear or file a reply. Several interlocutory applications (IAs) filed by the Corporate Debtor, including one under Section 8 of the Arbitration Act and others for recalling ex-parte orders and condonation of delay, were dismissed.
Akasa Finance Limited (Financial Creditor/Applicant) filed a petition under Section 7 of the IBC, 2016, against Ski & Snow Resorts Private Limited (Corporate Debtor/Respondent).
The petition sought to initiate Corporate Insolvency Resolution Process (CIRP) against Ski & Snow Resorts Private Limited.
The Corporate Debtor was set ex-parte by an order dated 04.07.2025, after its right to file a reply was struck off on 07.04.2025.
The Financial Creditor sanctioned a term loan of Rs. 2,00,00,000/- to the Corporate Debtor via a loan agreement dated 5th December, 2014.
The loan was repayable with 36% interest per annum, with an original deadline of 31st September 2014, extended to 30th September 2016 via an Addendum dated 1st October 2015.
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Akasa Finance Limited sanctioned a term loan of…
The original deadline for repayment of the…
Akasa Finance Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Ski & Snow Resorts Pvt. Ltd. (Corporate Debtor) due to a default on a term loan of Rs. 2,00,00,000/-. The Corporate Debtor was set ex-parte after failing to appear or file a reply. Several interlocutory applications (IAs) filed by the Corporate Debtor, including one under Section 8 of the Arbitration Act and others for recalling ex-parte orders and condonation of delay, were dismissed.
Akasa Finance Limited (Financial Creditor/Applicant) filed a petition under Section 7 of the IBC, 2016, against Ski & Snow Resorts Private Limited (Corporate Debtor/Respondent).
The petition sought to initiate Corporate Insolvency Resolution Process (CIRP) against Ski & Snow Resorts Private Limited.
The Corporate Debtor was set ex-parte by an order dated 04.07.2025, after its right to file a reply was struck off on 07.04.2025.
The Financial Creditor sanctioned a term loan of Rs. 2,00,00,000/- to the Corporate Debtor via a loan agreement dated 5th December, 2014.
The loan was repayable with 36% interest per annum, with an original deadline of 31st September 2014, extended to 30th September 2016 via an Addendum dated 1st October 2015.
…Akasa Finance Limited sanctioned a term loan of…
The original deadline for repayment of the…