The case involves an application (MA 3031/2019) filed by the Interim Resolution Professional (IRP) in a Corporate Insolvency Resolution Process (CIRP) against Phadnis Resorts & Spa India Limited (Corporate Debtor). The CIRP was initiated by Union Bank of India (UBI) under Section 7 of the Insolvency and Bankruptcy Code (IBC). The IRP sought directions from the National Company Law Tribunal (NCLT) regarding taking possession of the Corporate Debtor's assets, obtaining assistance from the Economic Offences Wing (EOW), directing past directors to assist in the proceedings, allowing public announcements, facilitating meetings with a director in judicial custody, releasing attachments on the Corporate Debtor's property, and declaring a lease agreement between the
…Union Bank of India (UBI) initiated Corporate Insolvency Resolution Process (CIRP) against Phadnis Resorts & Spa India Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code (IBC). The Corporate Debtor had mortgaged its property in Lonavala to UBI in 2015 for a loan. Subsequently, in 2016, the Corporate Debtor entered into a lease agreement with Marathe Hospitality for the same property at a monthly rent of Rs. 25,000 for 10 years, with a renewal option. The IRP alleged that this lease was a preferential and fraudulent transaction because it was executed without UBI's consent, the rent was significantly undervalued (property valued at Rs. 12 crore), and Anup Naik, a partner in Marathe Hospitality, was also the Tax Advisor to the Corporate
…Sign in to view the parties.
Phadnis Resorts & Spa India Ltd. mortgaged…
Phadnis Resorts & Spa India Ltd. entered into a…
The case involves an application (MA 3031/2019) filed by the Interim Resolution Professional (IRP) in a Corporate Insolvency Resolution Process (CIRP) against Phadnis Resorts & Spa India Limited (Corporate Debtor). The CIRP was initiated by Union Bank of India (UBI) under Section 7 of the Insolvency and Bankruptcy Code (IBC). The IRP sought directions from the National Company Law Tribunal (NCLT) regarding taking possession of the Corporate Debtor's assets, obtaining assistance from the Economic Offences Wing (EOW), directing past directors to assist in the proceedings, allowing public announcements, facilitating meetings with a director in judicial custody, releasing attachments on the Corporate Debtor's property, and declaring a lease agreement between the
…Union Bank of India (UBI) initiated Corporate Insolvency Resolution Process (CIRP) against Phadnis Resorts & Spa India Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code (IBC). The Corporate Debtor had mortgaged its property in Lonavala to UBI in 2015 for a loan. Subsequently, in 2016, the Corporate Debtor entered into a lease agreement with Marathe Hospitality for the same property at a monthly rent of Rs. 25,000 for 10 years, with a renewal option. The IRP alleged that this lease was a preferential and fraudulent transaction because it was executed without UBI's consent, the rent was significantly undervalued (property valued at Rs. 12 crore), and Anup Naik, a partner in Marathe Hospitality, was also the Tax Advisor to the Corporate
…Phadnis Resorts & Spa India Ltd. mortgaged…
Phadnis Resorts & Spa India Ltd. entered into a…