The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Stressed Assets Stabilization Fund (SASF), the Financial Creditor, against Suman Motels Limited, the Corporate Debtor, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor was incorporated on 04.05.1984. IDBI Bank had sanctioned loan facilities to the Corporate Debtor, which were later assigned to SASF. The Corporate Debtor defaulted on its repayment obligations, leading to various legal actions, including proceedings before the Debt Recovery Tribunal (DRT) and attachment of properties under the Maharashtra Protection of Interest of Depositors (MPID) Act. The Financial Creditor claimed a default date of 01.06.2019, while the Corporate
…IDBI Bank sanctioned loan facilities to Suman Motels Limited (Corporate Debtor). The Corporate Debtor defaulted on repayments. IDBI initiated recovery proceedings, including actions under SARFAESI Act and filing a case before the Debt Recovery Tribunal (DRT). A transfer deed was executed between IDBI and Stressed Assets Stabilization Fund (SASF), assigning the loan to SASF. The Corporate Debtor claimed the debt was discharged through a One Time Settlement (OTS) proposal in 2003, where IDBI took possession of the Corporate Debtor's resorts. The Corporate Debtor also argued that the debt was time-barred, as the last date of loan repayment was around 2001, and the Section 7 petition was filed in 2019. The Financial Creditor (SASF) argued that the Corporate Debtor
…Sign in to view the parties.
Suman Motels Limited…
A loan agreement was entered into between the…
The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Stressed Assets Stabilization Fund (SASF), the Financial Creditor, against Suman Motels Limited, the Corporate Debtor, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor was incorporated on 04.05.1984. IDBI Bank had sanctioned loan facilities to the Corporate Debtor, which were later assigned to SASF. The Corporate Debtor defaulted on its repayment obligations, leading to various legal actions, including proceedings before the Debt Recovery Tribunal (DRT) and attachment of properties under the Maharashtra Protection of Interest of Depositors (MPID) Act. The Financial Creditor claimed a default date of 01.06.2019, while the Corporate
…IDBI Bank sanctioned loan facilities to Suman Motels Limited (Corporate Debtor). The Corporate Debtor defaulted on repayments. IDBI initiated recovery proceedings, including actions under SARFAESI Act and filing a case before the Debt Recovery Tribunal (DRT). A transfer deed was executed between IDBI and Stressed Assets Stabilization Fund (SASF), assigning the loan to SASF. The Corporate Debtor claimed the debt was discharged through a One Time Settlement (OTS) proposal in 2003, where IDBI took possession of the Corporate Debtor's resorts. The Corporate Debtor also argued that the debt was time-barred, as the last date of loan repayment was around 2001, and the Section 7 petition was filed in 2019. The Financial Creditor (SASF) argued that the Corporate Debtor
…Suman Motels Limited…
A loan agreement was entered into between the…