The case involves an application filed by Indian Bank, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against BKR Hotels and Resorts Private Limited, the Corporate Debtor. The application was initially admitted by the NCLT on 30.05.2017, initiating CIRP against the Corporate Debtor. This order was challenged by the Director of the Corporate Debtor in Company Appeal (AT) (Insolvency) No. 123/2017, which was dismissed by NCLAT on 20.11.2017. A Civil Appeal No.1616/2018 was then filed before the Supreme Court by the Director of the Corporate Debtor. The Supreme Court set aside the NCLAT order and directed a de novo consideration of the application after issuing notice to
…Indian Bank, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against BKR Hotels and Resorts Private Limited, the Corporate Debtor. The Financial Creditor claimed an outstanding amount of Rs.43,47,83,472/- as of 01.03.2017. The Financial Creditor had sanctioned a Fresh Term Loan of Rs.29 Crores on 05.01.2013 for the acquisition and modernisation of "Ooty Gate Hotels". The loan was repayable in 78 equal monthly instalments of Rs.37.18 Lakhs each after a holiday period of 12 months. The Corporate Debtor executed a Medium Term Loan Agreement on 07.01.2013 and a Single Demand Promissory Note dated 07.01.2013 in favour of the Financial Creditor. The Corporate Debtor defaulted in repayment,
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Financial Creditor…
Medium Term Loan…
The case involves an application filed by Indian Bank, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against BKR Hotels and Resorts Private Limited, the Corporate Debtor. The application was initially admitted by the NCLT on 30.05.2017, initiating CIRP against the Corporate Debtor. This order was challenged by the Director of the Corporate Debtor in Company Appeal (AT) (Insolvency) No. 123/2017, which was dismissed by NCLAT on 20.11.2017. A Civil Appeal No.1616/2018 was then filed before the Supreme Court by the Director of the Corporate Debtor. The Supreme Court set aside the NCLAT order and directed a de novo consideration of the application after issuing notice to
…Indian Bank, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against BKR Hotels and Resorts Private Limited, the Corporate Debtor. The Financial Creditor claimed an outstanding amount of Rs.43,47,83,472/- as of 01.03.2017. The Financial Creditor had sanctioned a Fresh Term Loan of Rs.29 Crores on 05.01.2013 for the acquisition and modernisation of "Ooty Gate Hotels". The loan was repayable in 78 equal monthly instalments of Rs.37.18 Lakhs each after a holiday period of 12 months. The Corporate Debtor executed a Medium Term Loan Agreement on 07.01.2013 and a Single Demand Promissory Note dated 07.01.2013 in favour of the Financial Creditor. The Corporate Debtor defaulted in repayment,
…Financial Creditor…
Medium Term Loan…