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.
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 obligations to service the debt, leading to a Master Joint Lenders Forum (JFL) Agreement in 2014.
The banks in consortium implemented a Strategic Debt Restructuring (SDR) plan in July 2017, converting the loan into equity and securing a 51% equity shareholding.
The account of Aman Hospitality Private Limited was declared as 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.
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The FC filed the…
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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.
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 obligations to service the debt, leading to a Master Joint Lenders Forum (JFL) Agreement in 2014.
The banks in consortium implemented a Strategic Debt Restructuring (SDR) plan in July 2017, converting the loan into equity and securing a 51% equity shareholding.
The account of Aman Hospitality Private Limited was declared as 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.
…The FC filed the…
The matter was listed first time and the…