Indian Bank (formerly Allahabad Bank) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Nimitaya Hotel and Resorts Limited, the Corporate Debtor. The matter was previously heard and reserved for orders on 2020-02-10. However, due to subsequent developments and directions from the Delhi High Court regarding the Corporate Debtor's OTS proposal, the matter remained pending. The Corporate Debtor had requested time to consider an OTS proposal. The matter was finally heard on 2021-12-13 and reserved for orders.
Indian Bank, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against M/s. Nimitaya Hotel and Resorts Limited, the Corporate Debtor. The Corporate Debtor was incorporated on 2006-09-27. The Financial Creditor had sanctioned a bank guarantee limit of Rs. 0.80 crore on 2010-03-25, which was subsequently enhanced to Rs. 1.50 crore and then to Rs. 3 crore. An overdraft limit of Rs. 92 crore was also sanctioned, later enhanced to Rs. 98 crore and then to Rs. 108 crore. The account was classified as NPA on 2017-11-02. As of 2019-07-25, the total amount in default was Rs. 134,42,28,195. The Corporate Debtor admitted to the debt and proposed an OTS, paying Rs. 158 crore out of Rs. 260 crore by
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Indian Bank (formerly Allahabad Bank) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Nimitaya Hotel and Resorts Limited, the Corporate Debtor. The matter was previously heard and reserved for orders on 2020-02-10. However, due to subsequent developments and directions from the Delhi High Court regarding the Corporate Debtor's OTS proposal, the matter remained pending. The Corporate Debtor had requested time to consider an OTS proposal. The matter was finally heard on 2021-12-13 and reserved for orders.
Indian Bank, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against M/s. Nimitaya Hotel and Resorts Limited, the Corporate Debtor. The Corporate Debtor was incorporated on 2006-09-27. The Financial Creditor had sanctioned a bank guarantee limit of Rs. 0.80 crore on 2010-03-25, which was subsequently enhanced to Rs. 1.50 crore and then to Rs. 3 crore. An overdraft limit of Rs. 92 crore was also sanctioned, later enhanced to Rs. 98 crore and then to Rs. 108 crore. The account was classified as NPA on 2017-11-02. As of 2019-07-25, the total amount in default was Rs. 134,42,28,195. The Corporate Debtor admitted to the debt and proposed an OTS, paying Rs. 158 crore out of Rs. 260 crore by
…Financial Creditor…
The bank guarantee…