# In the matter of Aman Hospitality Private Limited

> NCLT judgment dated 2026-01-12. Citation: TCN-2026-NCLT-00003. Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to…

- **Court:** NCLT
- **Order date:** 12 Jan 2026
- **Citation:** TCN-2026-NCLT-00003
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/aman-hospitality-private-limited-2d61b4a3

## Summary

### Background

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 Aman Hospitality Private Limited, citing default on a term loan. The petition was filed due to the corporate debtor's failure to meet its debt obligations despite multiple one-time settlement (OTS) proposals and restructuring efforts.

## Facts

Bank of India sanctioned a term loan of INR 100 crores to Aman Hospitality Private Limited in January 2010 for part-financing the construction of a five-star hotel.

The loan facility was part of a consortium banking arrangement led by Jammu & Kashmir Bank.

Aman Hospitality Private Limited failed to meet its debt obligations, leading to a Master Joint Lenders Forum (JFL) Agreement in 2014.

The banks in the consortium implemented a Strategic Debt Restructuring (SDR) plan in July 2017, converting a portion of the debt into equity.

The account of Aman Hospitality Private Limited was declared a Non-Performing Asset (NPA) on 31.03.2018.

Bank of India issued a recall notice on 22.05.2020, demanding repayment of INR 71.35 crores.

…

## Issues and analysis

### Issue 1: Whether there is 'debt' and a 'default' has occurred within the meaning of Section 7 of the Code …

**Ratio:** The Adjudicating Authority must determine if a financial debt exists and a default has

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**Reasoning:** The Financial Creditor provided documents to establish debt and default, including

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**Interpretation:** The existence of a financial debt and default is a prerequisite for admitting a

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**Application:** The Adjudicating Authority found that a financial debt existed, a default had

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## Parties

- **Judges:** Ramalingam…; RAVINDRA CHATURVED…
- **Appellants:** Bank of…
- **Respondents:** M/s. Aman…
- **Other parties:** Anup K…; asd…; +3 more
- **Advocates:** Ashish…; Nikhil T…; +4 more

## Timeline

- **08.05.2025 — Filing of P…**: The FC filed the petition for…
- **16.05.2025 — First Li…**: The matter was listed first time and the Applicant is directed to file the record of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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