Edelweiss Asset Reconstruction Company, acting as a financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate corporate insolvency resolution process against Jalan Intercontinental Hotels Pvt. Ltd. The corporate debtor had availed various credit facilities from the State Bank of India, creating security interests in favor of SBI. SBI assigned the debt to Edelweiss. The corporate debtor defaulted on repayment, leading to the petition. The respondent raised contentions regarding the maintainability of the petition, the jurisdiction of the tribunal, and the authority of the petitioner.
Jalan Intercontinental Hotels Pvt. Ltd. (Corporate Debtor) availed credit facilities from State Bank of India (SBI). SBI granted term loan facilities to the Corporate Debtor, with an overall limit of Rs. 61,000,00,00/- in June 2008, which was enhanced to Rs. 70,4400,000/- in July 2010, and further to Rs. 73,63,00000/- in January 2014. The Corporate Debtor failed to repay the loan amount, defaulting on repayment as of 31.3.2014, with the amount of default being Rs. 127,0,368,412/-. SBI issued a demand notice under section 13(2) of the Securitisation Act, 2016, on 1.8.2014. The Corporate Debtor executed hypothecation agreements and a Memorandum of Deposit of Title Deeds. SBI assigned the debt to Edelweiss Reconstruction Company Ltd. (Petitioner) on 26.11.2014. The
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Edelweiss Asset Reconstruction Company, acting as a financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate corporate insolvency resolution process against Jalan Intercontinental Hotels Pvt. Ltd. The corporate debtor had availed various credit facilities from the State Bank of India, creating security interests in favor of SBI. SBI assigned the debt to Edelweiss. The corporate debtor defaulted on repayment, leading to the petition. The respondent raised contentions regarding the maintainability of the petition, the jurisdiction of the tribunal, and the authority of the petitioner.
Jalan Intercontinental Hotels Pvt. Ltd. (Corporate Debtor) availed credit facilities from State Bank of India (SBI). SBI granted term loan facilities to the Corporate Debtor, with an overall limit of Rs. 61,000,00,00/- in June 2008, which was enhanced to Rs. 70,4400,000/- in July 2010, and further to Rs. 73,63,00000/- in January 2014. The Corporate Debtor failed to repay the loan amount, defaulting on repayment as of 31.3.2014, with the amount of default being Rs. 127,0,368,412/-. SBI issued a demand notice under section 13(2) of the Securitisation Act, 2016, on 1.8.2014. The Corporate Debtor executed hypothecation agreements and a Memorandum of Deposit of Title Deeds. SBI assigned the debt to Edelweiss Reconstruction Company Ltd. (Petitioner) on 26.11.2014. The
…SBI granted credit…
SBI enhanced…