The case involves a Company Petition, C.P. (IB) No. 1397/NCLT/MB/C-IV/2020, filed by Canara Bank (formerly Syndicate Bank) under Section 7 of the Insolvency & Bankruptcy Code, 2016, against Supreme Housing & Hospitality Private Limited, the Corporate Debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor had granted a Term Loan (LRD) facility of Rs. 390 Crores to the Corporate Debtor. The Corporate Debtor defaulted on repayments, leading to the account being classified as a Non-Performing Asset (NPA). The Financial Creditor issued demand notices under Section 13(2) of the SARFAESI Act, but the Corporate Debtor failed to repay the outstanding dues.
Canara Bank (formerly Syndicate Bank) granted a Term Loan (LRD) facility of Rs. 390 Crores to Supreme Housing & Hospitality Private Limited. The loan was disbursed on 16.05.2014. The repayment was structured in 108 monthly installments commencing from March 2014. The Corporate Debtor defaulted on the repayment, leading to the account being classified as a Non-Performing Asset (NPA) on 29.09.2017. The Financial Creditor issued a Demand Notice under Section 13(2) of the SARFAESI Act on 30.10.2017, demanding Rs. 3,38,00,92,050.42. The Corporate Debtor replied on 23.12.2017. A Recall Notice/Final Notice was issued on 09.01.2018 for Rs. 365,47,98,126.03. The Corporate Debtor failed to repay the outstanding dues. The Corporate Debtor claimed it had an outstanding against
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Corporate Debtor…
Repayment of Term Loan…
The case involves a Company Petition, C.P. (IB) No. 1397/NCLT/MB/C-IV/2020, filed by Canara Bank (formerly Syndicate Bank) under Section 7 of the Insolvency & Bankruptcy Code, 2016, against Supreme Housing & Hospitality Private Limited, the Corporate Debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor had granted a Term Loan (LRD) facility of Rs. 390 Crores to the Corporate Debtor. The Corporate Debtor defaulted on repayments, leading to the account being classified as a Non-Performing Asset (NPA). The Financial Creditor issued demand notices under Section 13(2) of the SARFAESI Act, but the Corporate Debtor failed to repay the outstanding dues.
Canara Bank (formerly Syndicate Bank) granted a Term Loan (LRD) facility of Rs. 390 Crores to Supreme Housing & Hospitality Private Limited. The loan was disbursed on 16.05.2014. The repayment was structured in 108 monthly installments commencing from March 2014. The Corporate Debtor defaulted on the repayment, leading to the account being classified as a Non-Performing Asset (NPA) on 29.09.2017. The Financial Creditor issued a Demand Notice under Section 13(2) of the SARFAESI Act on 30.10.2017, demanding Rs. 3,38,00,92,050.42. The Corporate Debtor replied on 23.12.2017. A Recall Notice/Final Notice was issued on 09.01.2018 for Rs. 365,47,98,126.03. The Corporate Debtor failed to repay the outstanding dues. The Corporate Debtor claimed it had an outstanding against
…Corporate Debtor…
Repayment of Term Loan…