The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Edelweiss Asset Reconstruction Company Limited, the Financial Creditor, against Auromatrix Hotels Private Limited, the Corporate Debtor, for initiation of Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor allegedly defaulted in paying Rs. 51,05,90,359/-. The Corporate Debtor had obtained loan facilities from Axis Bank and Punjab National Bank (PNB) Housing & Finance Limited, which were later assigned to the Financial Creditor. The Corporate Debtor's accounts were classified as Non-Performing Assets (NPA) due to failure to repay the outstanding debts. The applicant restructured the debts at the request of the corporate debtor. The applicant
…Edelweiss Asset Reconstruction Company Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Auromatrix Hotels Private Limited. Auromatrix Hotels Private Limited had obtained loan facilities from Axis Bank and Punjab National Bank (PNB) Housing & Finance Limited. On 22.12.2012, Auromatrix Hotels Private Limited availed an overdraft loan facility from Axis Bank for Rs. 4,30,00,000 and executed security documents. On 25.05.2015, Auromatrix Hotels Private Limited acknowledged a debt of Rs. 44,09,28,292.87 but failed to repay it, leading to its account being classified as an NPA on 31.12.2015. PNB Housing & Finance Limited sanctioned Rs. 13,93,69,297 at 13.25% interest, but Auromatrix Hotels Private Limited failed to
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Corporate Debtor availed overdraft loan…
Corporate Debtor…
The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Edelweiss Asset Reconstruction Company Limited, the Financial Creditor, against Auromatrix Hotels Private Limited, the Corporate Debtor, for initiation of Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor allegedly defaulted in paying Rs. 51,05,90,359/-. The Corporate Debtor had obtained loan facilities from Axis Bank and Punjab National Bank (PNB) Housing & Finance Limited, which were later assigned to the Financial Creditor. The Corporate Debtor's accounts were classified as Non-Performing Assets (NPA) due to failure to repay the outstanding debts. The applicant restructured the debts at the request of the corporate debtor. The applicant
…Edelweiss Asset Reconstruction Company Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Auromatrix Hotels Private Limited. Auromatrix Hotels Private Limited had obtained loan facilities from Axis Bank and Punjab National Bank (PNB) Housing & Finance Limited. On 22.12.2012, Auromatrix Hotels Private Limited availed an overdraft loan facility from Axis Bank for Rs. 4,30,00,000 and executed security documents. On 25.05.2015, Auromatrix Hotels Private Limited acknowledged a debt of Rs. 44,09,28,292.87 but failed to repay it, leading to its account being classified as an NPA on 31.12.2015. PNB Housing & Finance Limited sanctioned Rs. 13,93,69,297 at 13.25% interest, but Auromatrix Hotels Private Limited failed to
…Corporate Debtor availed overdraft loan…
Corporate Debtor…