M/s Dasaprakash Hotels and Resorts Pvt. Ltd. filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against M/s Kumar Ashiyana Pvt. Ltd. The applicant, a financial creditor, had advanced a loan to the corporate debtor for renovating a hotel, which was to be operated on a revenue-sharing basis. A lease rent agreement was entered into on 2007-09-04. The corporate debtor also entered into a tripartite agreement with the State Bank of Patiala, where the applicant acted as a guarantor. The lease rent agreement was terminated on 2012-01-01. The applicant claimed that the amount advanced to the corporate debtor became due upon termination. A compromise agreement was entered into
…M/s Dasaprakash Hotels and Resorts Pvt. Ltd. (the Applicant/Financial Creditor) is a company engaged in running hotels. M/s Kumar Ashiyana Pvt. Ltd. (the Corporate Debtor) approached the Applicant to operate its hotel on a revenue-sharing basis. On 2007-09-04, they entered into a lease rent agreement, where the Applicant advanced Rs. 54,00,000 to the Corporate Debtor for hotel renovation. The Applicant also advanced an additional Rs. 2,89,500, bringing the total loan to Rs. 56,89,500. The Corporate Debtor entered into a tripartite agreement with the State Bank of Patiala on 2008-01-30, with the Applicant as a guarantor for a Rs. 75,00,000 borrowing. The lease rent agreement was terminated on 2012-01-01, making the advanced amount due. The Applicant served a demand
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Applicant and Corporate Debtor entered into…
Corporate Debtor entered into a tripartite…
M/s Dasaprakash Hotels and Resorts Pvt. Ltd. filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against M/s Kumar Ashiyana Pvt. Ltd. The applicant, a financial creditor, had advanced a loan to the corporate debtor for renovating a hotel, which was to be operated on a revenue-sharing basis. A lease rent agreement was entered into on 2007-09-04. The corporate debtor also entered into a tripartite agreement with the State Bank of Patiala, where the applicant acted as a guarantor. The lease rent agreement was terminated on 2012-01-01. The applicant claimed that the amount advanced to the corporate debtor became due upon termination. A compromise agreement was entered into
…M/s Dasaprakash Hotels and Resorts Pvt. Ltd. (the Applicant/Financial Creditor) is a company engaged in running hotels. M/s Kumar Ashiyana Pvt. Ltd. (the Corporate Debtor) approached the Applicant to operate its hotel on a revenue-sharing basis. On 2007-09-04, they entered into a lease rent agreement, where the Applicant advanced Rs. 54,00,000 to the Corporate Debtor for hotel renovation. The Applicant also advanced an additional Rs. 2,89,500, bringing the total loan to Rs. 56,89,500. The Corporate Debtor entered into a tripartite agreement with the State Bank of Patiala on 2008-01-30, with the Applicant as a guarantor for a Rs. 75,00,000 borrowing. The lease rent agreement was terminated on 2012-01-01, making the advanced amount due. The Applicant served a demand
…Applicant and Corporate Debtor entered into…
Corporate Debtor entered into a tripartite…