The case involves an application filed by Phoenix ARC Private Limited, a Financial Creditor, against Hotel Horizon Private Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor had approached IDFC Limited for financial facilities in March 2008, which were granted. Subsequently, further financial assistance was sought from IDFC and HDFC Limited, leading to a Rupee Term Loan Agreement. Later, a Facility Agreement was executed with IDFC, HDFC, and Union Bank of India for additional funds. IDFC assigned its rights and interests in the debt to Phoenix ARC Private Limited in September 2014. The Corporate Debtor failed to repay the outstanding amounts, leading to the account being declared a Non-Performing Asset (NPA)
…In March 2008, Hotel Horizon Private Limited (Corporate Debtor) requested financial facilities from IDFC Limited (IDFC), which were approved. Subsequently, in November 2009, the Corporate Debtor sought further financial assistance from IDFC and HDFC Limited (HDFC), resulting in a Rupee Term Loan Agreement for ₹22,00,00,000. On May 24, 2012, a Facility Agreement was executed between IDFC, HDFC, Union Bank of India, and the Corporate Debtor for an additional ₹46,00,00,000. IDFC later assigned its rights and interests in the debt to Phoenix ARC Private Limited (Petitioner) on September 11, 2014. The Corporate Debtor defaulted on repayments under Term Loan II and Term Loan III. As of September 25, 2017, the total amount claimed to be in default was ₹93,86,52,393. The date
…Sign in to view the parties.
Corporate Debtor…
Corporate Debtor sought…
The case involves an application filed by Phoenix ARC Private Limited, a Financial Creditor, against Hotel Horizon Private Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor had approached IDFC Limited for financial facilities in March 2008, which were granted. Subsequently, further financial assistance was sought from IDFC and HDFC Limited, leading to a Rupee Term Loan Agreement. Later, a Facility Agreement was executed with IDFC, HDFC, and Union Bank of India for additional funds. IDFC assigned its rights and interests in the debt to Phoenix ARC Private Limited in September 2014. The Corporate Debtor failed to repay the outstanding amounts, leading to the account being declared a Non-Performing Asset (NPA)
…In March 2008, Hotel Horizon Private Limited (Corporate Debtor) requested financial facilities from IDFC Limited (IDFC), which were approved. Subsequently, in November 2009, the Corporate Debtor sought further financial assistance from IDFC and HDFC Limited (HDFC), resulting in a Rupee Term Loan Agreement for ₹22,00,00,000. On May 24, 2012, a Facility Agreement was executed between IDFC, HDFC, Union Bank of India, and the Corporate Debtor for an additional ₹46,00,00,000. IDFC later assigned its rights and interests in the debt to Phoenix ARC Private Limited (Petitioner) on September 11, 2014. The Corporate Debtor defaulted on repayments under Term Loan II and Term Loan III. As of September 25, 2017, the total amount claimed to be in default was ₹93,86,52,393. The date
…Corporate Debtor…
Corporate Debtor sought…