Union Bank of India, the financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Green Gateway Leisure Ltd, the corporate debtor, due to a default in payment of ₹32,39,45,078. The corporate debtor's project, a five-star deluxe beach resort, faced cost overruns and delays in loan disbursement, leading to financial difficulties. The applicant sought to implead the guarantors of the corporate debtor as respondents. The corporate debtor contended that the banks had settled their claims under One Time Settlement (OTS) and that the application suppressed material facts.
Union Bank of India granted a term loan of ₹25,00,00,000 to M/s Green Gateway Leisure Ltd on 12.06.2010, which was renewed and restructured multiple times. The corporate debtor defaulted on payments, with an outstanding amount of ₹32,39,45,078 as of 30.11.2019. The applicant issued a notice under Section 13(2) of the SARFAESI Act, 2002, on 29.12.2017, classifying the account as a Non-Performing Asset (NPA). The applicant filed an Interlocutory Application IA/46/KOB/2020 to implead the guarantors as respondents, which was allowed on 24.02.2020. The corporate debtor argued that the banks had settled their claims under One Time Settlement (OTS), with part payments made. The corporate debtor also contended that the application suppressed material facts and that the amount
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The Corporate Debtor executed an agreement with…
Union Bank of India, the financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Green Gateway Leisure Ltd, the corporate debtor, due to a default in payment of ₹32,39,45,078. The corporate debtor's project, a five-star deluxe beach resort, faced cost overruns and delays in loan disbursement, leading to financial difficulties. The applicant sought to implead the guarantors of the corporate debtor as respondents. The corporate debtor contended that the banks had settled their claims under One Time Settlement (OTS) and that the application suppressed material facts.
Union Bank of India granted a term loan of ₹25,00,00,000 to M/s Green Gateway Leisure Ltd on 12.06.2010, which was renewed and restructured multiple times. The corporate debtor defaulted on payments, with an outstanding amount of ₹32,39,45,078 as of 30.11.2019. The applicant issued a notice under Section 13(2) of the SARFAESI Act, 2002, on 29.12.2017, classifying the account as a Non-Performing Asset (NPA). The applicant filed an Interlocutory Application IA/46/KOB/2020 to implead the guarantors as respondents, which was allowed on 24.02.2020. The corporate debtor argued that the banks had settled their claims under One Time Settlement (OTS), with part payments made. The corporate debtor also contended that the application suppressed material facts and that the amount
…Union Bank of India…
The Corporate Debtor executed an agreement with…