IFCI Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of CIRP against ACCIL Hospitality Private Limited, the Corporate Debtor, based on a corporate guarantee.
IFCI Limited extended a financial facility to Asian Colour Coated Ispat Limited, secured by a corporate guarantee from ACCIL Hospitality Private Limited.
The Principal Borrower defaulted, leading to an outstanding debt of ₹390,54,33,312.15 as on 13.04.2021.
The loan account was classified as NPA on 30.09.2016, and a loan recall notice was issued on 16.12.2016.
IFCI invoked the corporate guarantee by issuing a notice dated 11.01.2017 to ACCIL Hospitality Private Limited.
IFCI had previously filed a petition (IB No.1167(PB)/2019) against the Corporate Guarantor, which was dismissed on 21.10.2019 based on the decision in Dr. Vishnu Kumar Agarwal v. M/s Piramal Enterprises Ltd.
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ACCIL Hospitality…
Corporate Loan Agreement…
IFCI Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of CIRP against ACCIL Hospitality Private Limited, the Corporate Debtor, based on a corporate guarantee.
IFCI Limited extended a financial facility to Asian Colour Coated Ispat Limited, secured by a corporate guarantee from ACCIL Hospitality Private Limited.
The Principal Borrower defaulted, leading to an outstanding debt of ₹390,54,33,312.15 as on 13.04.2021.
The loan account was classified as NPA on 30.09.2016, and a loan recall notice was issued on 16.12.2016.
IFCI invoked the corporate guarantee by issuing a notice dated 11.01.2017 to ACCIL Hospitality Private Limited.
IFCI had previously filed a petition (IB No.1167(PB)/2019) against the Corporate Guarantor, which was dismissed on 21.10.2019 based on the decision in Dr. Vishnu Kumar Agarwal v. M/s Piramal Enterprises Ltd.
…ACCIL Hospitality…
Corporate Loan Agreement…