The State Bank of India filed applications under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019, against Sahadulla M.I, Zaheer E.N, E.lqbal, and E.M Najeeb, who are personal guarantors of Green Gateway Leisure Private Limited. Green Gateway Leisure Private Limited had availed credit facilities from the applicant, State Bank of India, amounting to Rs. 72,63,09,421/-. The Corporate Insolvency Resolution Process (CIRP) was initiated against Green Gateway Leisure Private Limited vide order dated 15.10.2020 under Section 7 of the I&B Code, 2016 by the Union Bank of India.
The State Bank of India (SBI) extended credit facilities to Green Gateway Leisure Private Limited for the development of a five-star hotel in Bekal, Kasaragod. The land for the project was acquired by Bekal Resorts Development Corporation Limited (BRDC) and leased to Green Gateway. SBI sanctioned credit facilities totaling Rs. 67,64,050 on 14.01.2010, a term loan of 20 crores on 24.02.2010, another term loan of 20 crores on 20.05.2010 and 8 crore on 09.02.2015 amounting to a total of Rs. 48.67 crore. The credit facilities were secured by a pari passu first charge on the corporate debtor's fixed assets, personal guarantees from Sahadulla M.I, Zaheer E.N, E.lqbal, and E.M Najeeb, and a corporate guarantee from Air Travel Enterprises India Limited. Due to defaults in
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State Bank of India sanctioned credit facilities…
State Bank of India sanctioned a term loan of…
The State Bank of India filed applications under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019, against Sahadulla M.I, Zaheer E.N, E.lqbal, and E.M Najeeb, who are personal guarantors of Green Gateway Leisure Private Limited. Green Gateway Leisure Private Limited had availed credit facilities from the applicant, State Bank of India, amounting to Rs. 72,63,09,421/-. The Corporate Insolvency Resolution Process (CIRP) was initiated against Green Gateway Leisure Private Limited vide order dated 15.10.2020 under Section 7 of the I&B Code, 2016 by the Union Bank of India.
The State Bank of India (SBI) extended credit facilities to Green Gateway Leisure Private Limited for the development of a five-star hotel in Bekal, Kasaragod. The land for the project was acquired by Bekal Resorts Development Corporation Limited (BRDC) and leased to Green Gateway. SBI sanctioned credit facilities totaling Rs. 67,64,050 on 14.01.2010, a term loan of 20 crores on 24.02.2010, another term loan of 20 crores on 20.05.2010 and 8 crore on 09.02.2015 amounting to a total of Rs. 48.67 crore. The credit facilities were secured by a pari passu first charge on the corporate debtor's fixed assets, personal guarantees from Sahadulla M.I, Zaheer E.N, E.lqbal, and E.M Najeeb, and a corporate guarantee from Air Travel Enterprises India Limited. Due to defaults in
…State Bank of India sanctioned credit facilities…
State Bank of India sanctioned a term loan of…