# In the matter of AMAN HOSPITALITY PRIVATE LIMITED

> NCLT judgment dated 2026-01-12. Citation: TCN-2026-NCLT-00037. 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-00037
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/aman-hospitality-private-limited-e271772a

## 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 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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## 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 take cognizance of the debt and default shown to be

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**Reasoning:** The Financial Creditor has inter alia relied upon the following documents to establish

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**Interpretation:** Default under IBC occurs when any outstanding dues above the prescribed

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**Application:** The Adjudicating Authority found that the corporate debtor admitted to the debt

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## Parties

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

## Timeline

- **2025-05-08 — Filing of P…**: The FC filed the petition for…
- **2025-05-16 — 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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