The Corporate Insolvency Resolution Process (CIRP) was initiated against Hotel Milestonnez India Private Limited (Corporate Debtor) following a petition filed by State Bank of India (SBI), the financial creditor, under Section 7 of the Insolvency and Bankruptcy Code (IBC). The Corporate Debtor was admitted into CIRP on April 19, 2022. The applicant was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The Committee of Creditors (COC) was formed with SBI as the sole financial creditor. Despite efforts to find a resolution plan, none were received, leading the COC to resolve for liquidation on November 15, 2022. The Adjudicating Authority ordered liquidation on February 15, 2023, appointing the applicant as
…The Corporate Insolvency Resolution Process (CIRP) was initiated against Hotel Milestonnez India Private Limited, with State Bank of India (SBI) as the financial creditor. The Corporate Debtor was admitted into CIRP on April 19, 2022, and later ordered for liquidation on February 15, 2023, with the appointment of a liquidator. SBI holds a mortgage on landed properties owned by Respondents 2 and 3, where the hotel owned by the Corporate Debtor is constructed. SBI had initiated SARFAESI proceedings and took possession of the land premises on September 15, 2015. SBI relinquished the rights of the property to the Resolution Estate and consented to add the entire assets in the resolution estate. The properties of the guarantors were included in Form G. Respondents 2 and 3
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The Corporate Insolvency Resolution Process (CIRP) was initiated against Hotel Milestonnez India Private Limited (Corporate Debtor) following a petition filed by State Bank of India (SBI), the financial creditor, under Section 7 of the Insolvency and Bankruptcy Code (IBC). The Corporate Debtor was admitted into CIRP on April 19, 2022. The applicant was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The Committee of Creditors (COC) was formed with SBI as the sole financial creditor. Despite efforts to find a resolution plan, none were received, leading the COC to resolve for liquidation on November 15, 2022. The Adjudicating Authority ordered liquidation on February 15, 2023, appointing the applicant as
…The Corporate Insolvency Resolution Process (CIRP) was initiated against Hotel Milestonnez India Private Limited, with State Bank of India (SBI) as the financial creditor. The Corporate Debtor was admitted into CIRP on April 19, 2022, and later ordered for liquidation on February 15, 2023, with the appointment of a liquidator. SBI holds a mortgage on landed properties owned by Respondents 2 and 3, where the hotel owned by the Corporate Debtor is constructed. SBI had initiated SARFAESI proceedings and took possession of the land premises on September 15, 2015. SBI relinquished the rights of the property to the Resolution Estate and consented to add the entire assets in the resolution estate. The properties of the guarantors were included in Form G. Respondents 2 and 3
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