The case involves an application filed by Union Bank of India under Section 95 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy Rules, 2019, against E.M. Najeeb Ellias Mohammed, the personal guarantor of Green Gateway Leisure Ltd. The corporate debtor had availed a term loan of Rs. 25 crores from the financial creditor for setting up a Five Star Deluxe Resort at Bekal. The loan was renewed/restructured/modified multiple times. The corporate debtor defaulted on repayments, leading to the account being classified as NPA. An earlier Section 7 application filed by the financial creditor was initially admitted but later set aside by the NCLAT, which directed the corporate debtor to settle the account. However, the debt
…Green Gateway Leisure Ltd. (Corporate Debtor) obtained a term loan of Rs. 25 crores from Union Bank of India (Financial Creditor) to establish a Five Star Deluxe Resort at Bekal. E.M. Najeeb Ellias Mohammed (Personal Guarantor) provided a personal guarantee for the loan. The loan was renewed/restructured/modified on several occasions. The Corporate Debtor defaulted on repayments, leading to the account being classified as NPA on 2015-09-30. The Financial Creditor initially filed an application under Section 7 of the IBC, which was admitted but later set aside by the NCLAT, directing the Corporate Debtor to settle the account within 6 months. The debt remained unpaid, amounting to Rs. 40,25,34,886/- as on 2022-08-31. The Financial Creditor issued a demand notice to the
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Financial Creditor…
The term lo…
The case involves an application filed by Union Bank of India under Section 95 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy Rules, 2019, against E.M. Najeeb Ellias Mohammed, the personal guarantor of Green Gateway Leisure Ltd. The corporate debtor had availed a term loan of Rs. 25 crores from the financial creditor for setting up a Five Star Deluxe Resort at Bekal. The loan was renewed/restructured/modified multiple times. The corporate debtor defaulted on repayments, leading to the account being classified as NPA. An earlier Section 7 application filed by the financial creditor was initially admitted but later set aside by the NCLAT, which directed the corporate debtor to settle the account. However, the debt
…Green Gateway Leisure Ltd. (Corporate Debtor) obtained a term loan of Rs. 25 crores from Union Bank of India (Financial Creditor) to establish a Five Star Deluxe Resort at Bekal. E.M. Najeeb Ellias Mohammed (Personal Guarantor) provided a personal guarantee for the loan. The loan was renewed/restructured/modified on several occasions. The Corporate Debtor defaulted on repayments, leading to the account being classified as NPA on 2015-09-30. The Financial Creditor initially filed an application under Section 7 of the IBC, which was admitted but later set aside by the NCLAT, directing the Corporate Debtor to settle the account within 6 months. The debt remained unpaid, amounting to Rs. 40,25,34,886/- as on 2022-08-31. The Financial Creditor issued a demand notice to the
…Financial Creditor…
The term lo…