Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. West Face Hospitality and Management Pvt. Ltd due to an alleged default of Rs 26,29,04,506.74 as of May 26, 2019. The Corporate Debtor had approached the Financial Creditor for a term loan of Rs. 15 Crores for the construction of a boutique hotel. A sanction letter and hypothecation cum loan agreement were executed in May 2010, creating an equitable mortgage. The Corporate Debtor defaulted on the loan, leading to the account being classified as a Non-Performing Asset (NPA) in July 2013. The Financial Creditor then proceeded under the SARFAESI Act, 2002, to take possession of the secured asset. The Corporate
…Bank of India extended a term loan of Rs. 15 Crores to M/s. West Face Hospitality and Management Pvt. Ltd for the construction of a boutique hotel, with a sanction letter and hypothecation cum loan agreement executed in May 2010, creating an equitable mortgage on the property. The Corporate Debtor defaulted on the repayment, leading to the loan account being classified as NPA on July 31, 2013. The Financial Creditor initiated proceedings under the SARFAESI Act, 2002, to take possession of the secured asset. The Corporate Debtor challenged the possession notice, and the DRT initially restrained the bank from taking possession, subject to the Corporate Debtor depositing Rs. 5 crores in installments. Several OTS proposals were exchanged between December 2015 and April
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Sanction Letter and…
Term loan account…
Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. West Face Hospitality and Management Pvt. Ltd due to an alleged default of Rs 26,29,04,506.74 as of May 26, 2019. The Corporate Debtor had approached the Financial Creditor for a term loan of Rs. 15 Crores for the construction of a boutique hotel. A sanction letter and hypothecation cum loan agreement were executed in May 2010, creating an equitable mortgage. The Corporate Debtor defaulted on the loan, leading to the account being classified as a Non-Performing Asset (NPA) in July 2013. The Financial Creditor then proceeded under the SARFAESI Act, 2002, to take possession of the secured asset. The Corporate
…Bank of India extended a term loan of Rs. 15 Crores to M/s. West Face Hospitality and Management Pvt. Ltd for the construction of a boutique hotel, with a sanction letter and hypothecation cum loan agreement executed in May 2010, creating an equitable mortgage on the property. The Corporate Debtor defaulted on the repayment, leading to the loan account being classified as NPA on July 31, 2013. The Financial Creditor initiated proceedings under the SARFAESI Act, 2002, to take possession of the secured asset. The Corporate Debtor challenged the possession notice, and the DRT initially restrained the bank from taking possession, subject to the Corporate Debtor depositing Rs. 5 crores in installments. Several OTS proposals were exchanged between December 2015 and April
…Sanction Letter and…
Term loan account…