The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Saptarishi Hotels Pvt Ltd initiated based on a petition filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The CIRP was triggered after the company faced financial difficulties, including stalled implementation of projects, termination of lease agreements, and declaration as a Non-Performing Asset (NPA) by lenders. Despite efforts to revive the company through resolution plans, the Committee of Creditors (CoC) ultimately decided to recommend liquidation due to the lack of viable resolution plans and other challenges.
Saptarishi Hotels Pvt Ltd faced financial distress, leading to the initiation of CIRP based on a petition under Section 7 of the IBC. The implementation of the company's projects was stalled in 2016, and the National Institute of Tourism & Hospitality Management (NITHM) terminated its lease agreement. Lenders declared the company as an NPA, and several litigations were filed by lessors and suppliers. The CIRP was initiated on 18.01.2021. The Resolution Professional (RP) issued public announcements and invited resolution plans. Although several investors responded, no viable resolution plan was finalized. The promoters also appealed to NCLAT to set aside the CIRP admission order, claiming the debt was time-barred. The CoC decided to liquidate the company, and the
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Implementation of…
Tribunal admitted the petition for CIRP in…
The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Saptarishi Hotels Pvt Ltd initiated based on a petition filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The CIRP was triggered after the company faced financial difficulties, including stalled implementation of projects, termination of lease agreements, and declaration as a Non-Performing Asset (NPA) by lenders. Despite efforts to revive the company through resolution plans, the Committee of Creditors (CoC) ultimately decided to recommend liquidation due to the lack of viable resolution plans and other challenges.
Saptarishi Hotels Pvt Ltd faced financial distress, leading to the initiation of CIRP based on a petition under Section 7 of the IBC. The implementation of the company's projects was stalled in 2016, and the National Institute of Tourism & Hospitality Management (NITHM) terminated its lease agreement. Lenders declared the company as an NPA, and several litigations were filed by lessors and suppliers. The CIRP was initiated on 18.01.2021. The Resolution Professional (RP) issued public announcements and invited resolution plans. Although several investors responded, no viable resolution plan was finalized. The promoters also appealed to NCLAT to set aside the CIRP admission order, claiming the debt was time-barred. The CoC decided to liquidate the company, and the
…Implementation of…
Tribunal admitted the petition for CIRP in…