Firstchoice Properties (India) Private Limited, the Financial Creditor/Applicant, filed a Company Petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Gstaad Hotels Private Limited, the Corporate Debtor. The Financial Creditor claimed a debt of Rs. 12,01,55,199.61/-, including a principal amount of Rs. 2,85,00,000/- and interest, stating that the debt was in default since 19.04.2021. The Corporate Debtor argued that the amount was towards equity contribution and not a loan, and there was no agreement for interest or repayment date. The Corporate Debtor also raised concerns about limitation and the applicant's accounting practices.
Firstchoice Properties (India) Private Limited filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate CIRP against Gstaad Hotels Private Limited, claiming a debt of Rs. 12,01,55,199.61/-. The debt included a principal amount of Rs. 2,85,00,000/- and interest, with the default date being 19.04.2021. The Financial Creditor argued that the amount was a loan, while the Corporate Debtor contended it was an equity contribution. The Corporate Debtor's shares are owned by three groups: Raheja, Ahuja, and Royal. The Corporate Debtor is in hospitality and owns a hotel in Bangalore. The Ahuja Group had agreed to lend monies to the Corporate Debtor at 18% p.a., with a portion treated as capital contribution. The Financial Creditor annexed a
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Firstchoice Properties (India) Private…
The NCLT dismissed the application filed by…
Firstchoice Properties (India) Private Limited, the Financial Creditor/Applicant, filed a Company Petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Gstaad Hotels Private Limited, the Corporate Debtor. The Financial Creditor claimed a debt of Rs. 12,01,55,199.61/-, including a principal amount of Rs. 2,85,00,000/- and interest, stating that the debt was in default since 19.04.2021. The Corporate Debtor argued that the amount was towards equity contribution and not a loan, and there was no agreement for interest or repayment date. The Corporate Debtor also raised concerns about limitation and the applicant's accounting practices.
Firstchoice Properties (India) Private Limited filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate CIRP against Gstaad Hotels Private Limited, claiming a debt of Rs. 12,01,55,199.61/-. The debt included a principal amount of Rs. 2,85,00,000/- and interest, with the default date being 19.04.2021. The Financial Creditor argued that the amount was a loan, while the Corporate Debtor contended it was an equity contribution. The Corporate Debtor's shares are owned by three groups: Raheja, Ahuja, and Royal. The Corporate Debtor is in hospitality and owns a hotel in Bangalore. The Ahuja Group had agreed to lend monies to the Corporate Debtor at 18% p.a., with a portion treated as capital contribution. The Financial Creditor annexed a
…Firstchoice Properties (India) Private…
The NCLT dismissed the application filed by…