The case involves two Interlocutory Applications (IAs), IA (IBC)/1806/2023 and IA (IBC)/440/2023, filed in connection with a Corporate Insolvency Resolution Process (CIRP) initiated against Viceroy Bangalore Hotels Private Limited (Corporate Debtor/CD). The CIRP was initiated following the CD's failure to comply with the terms of a Master Restructuring Agreement (MSA) related to a loan obtained from a consortium of banks. Edelweiss Asset Reconstruction Company Limited (Applicant/Financial Creditor/FC) filed the applications seeking reliefs related to bank guarantees (BGs) issued under the Export Promotion Capital Goods Scheme (EPCG) and the appropriation of fixed deposits by Kotak Mahindra Bank Ltd. (Respondent No. 1/R1) and the Office of the Deputy Commissioner of
…Viceroy Bangalore Hotels Private Limited (Corporate Debtor/CD) obtained a loan from a consortium of four banks, later assigned to Edelweiss Asset Reconstruction Company Limited (Applicant/Financial Creditor). The loan was restructured under a Master Restructuring Agreement (MSA) dated 2017-06-06, but the CD failed to comply with its terms, leading to the initiation of Corporate Insolvency Resolution Process (CIRP) on 2022-08-05. Kuresh Hatim Khambati was appointed as the Resolution Professional (RP). The CD was registered under the Export Promotion Capital Goods Scheme (EPCG) and obtained a license. Kotak Mahindra Bank Ltd. (R1) issued bank guarantees (BGs) in favor of the Deputy Commissioner of Customs (R2). R2 notified the CD about the expiry of the EPCG and
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The Corporate Debtor entered into a Master…
Corporate Insolvency Resolution Process (CIRP)…
The case involves two Interlocutory Applications (IAs), IA (IBC)/1806/2023 and IA (IBC)/440/2023, filed in connection with a Corporate Insolvency Resolution Process (CIRP) initiated against Viceroy Bangalore Hotels Private Limited (Corporate Debtor/CD). The CIRP was initiated following the CD's failure to comply with the terms of a Master Restructuring Agreement (MSA) related to a loan obtained from a consortium of banks. Edelweiss Asset Reconstruction Company Limited (Applicant/Financial Creditor/FC) filed the applications seeking reliefs related to bank guarantees (BGs) issued under the Export Promotion Capital Goods Scheme (EPCG) and the appropriation of fixed deposits by Kotak Mahindra Bank Ltd. (Respondent No. 1/R1) and the Office of the Deputy Commissioner of
…Viceroy Bangalore Hotels Private Limited (Corporate Debtor/CD) obtained a loan from a consortium of four banks, later assigned to Edelweiss Asset Reconstruction Company Limited (Applicant/Financial Creditor). The loan was restructured under a Master Restructuring Agreement (MSA) dated 2017-06-06, but the CD failed to comply with its terms, leading to the initiation of Corporate Insolvency Resolution Process (CIRP) on 2022-08-05. Kuresh Hatim Khambati was appointed as the Resolution Professional (RP). The CD was registered under the Export Promotion Capital Goods Scheme (EPCG) and obtained a license. Kotak Mahindra Bank Ltd. (R1) issued bank guarantees (BGs) in favor of the Deputy Commissioner of Customs (R2). R2 notified the CD about the expiry of the EPCG and
…The Corporate Debtor entered into a Master…
Corporate Insolvency Resolution Process (CIRP)…