The case involves an application filed by Small Industries Development Bank of India (SIDBI) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Hotel Netra Palace Private Limited, the Corporate Debtor. The Corporate Debtor had availed financial assistance from SIDBI in the form of a term loan of Rs. 800 Lakhs under the Secured Business Loan Scheme. The loan was sanctioned on 13.03.2015, with repayment terms including monthly installments. The Corporate Debtor defaulted on the loan, leading to the account being classified as a Non-Performing Asset (NPA) on 09.12.2020. Despite some repayments, a significant amount remained outstanding, leading SIDBI to recall the loan and initiate
…Small Industries Development Bank of India (SIDBI) extended a term loan of Rs. 800 Lakhs to Hotel Netra Palace Private Limited under the Secured Business Loan Scheme, sanctioned on 13.03.2015. The loan was to be repaid in 114 monthly installments. The Corporate Debtor accepted the terms and conditions of the loan, as evidenced by a Board resolution on 14.03.2015. A loan agreement was executed on 16.03.2015. The Corporate Debtor also executed a Deed of Guarantee and a Deed of Hypothecation on 16.03.2015, and an Indenture of Mortgage on 16.03.2015, confirmed on 23.03.2015. The Corporate Debtor was granted interest payment deferrals under FITL I and FITL II schemes. The Corporate Debtor agreed to repay the credit facilities with interest at 12.50% p.a. The Corporate
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SIDBI sanctioned a term…
Corporate Debtor passed…
The case involves an application filed by Small Industries Development Bank of India (SIDBI) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Hotel Netra Palace Private Limited, the Corporate Debtor. The Corporate Debtor had availed financial assistance from SIDBI in the form of a term loan of Rs. 800 Lakhs under the Secured Business Loan Scheme. The loan was sanctioned on 13.03.2015, with repayment terms including monthly installments. The Corporate Debtor defaulted on the loan, leading to the account being classified as a Non-Performing Asset (NPA) on 09.12.2020. Despite some repayments, a significant amount remained outstanding, leading SIDBI to recall the loan and initiate
…Small Industries Development Bank of India (SIDBI) extended a term loan of Rs. 800 Lakhs to Hotel Netra Palace Private Limited under the Secured Business Loan Scheme, sanctioned on 13.03.2015. The loan was to be repaid in 114 monthly installments. The Corporate Debtor accepted the terms and conditions of the loan, as evidenced by a Board resolution on 14.03.2015. A loan agreement was executed on 16.03.2015. The Corporate Debtor also executed a Deed of Guarantee and a Deed of Hypothecation on 16.03.2015, and an Indenture of Mortgage on 16.03.2015, confirmed on 23.03.2015. The Corporate Debtor was granted interest payment deferrals under FITL I and FITL II schemes. The Corporate Debtor agreed to repay the credit facilities with interest at 12.50% p.a. The Corporate
…SIDBI sanctioned a term…
Corporate Debtor passed…