The case involves two statutory appeals under Section 62 of the Insolvency and Bankruptcy Code, 2016 (IBC) challenging a common judgment of the National Company Law Appellate Tribunal (NCLAT). The NCLAT had affirmed National Company Law Tribunal (NCLT) orders admitting Section 7 IBC petitions against GSTAAD Hotels Pvt. Ltd. and Neo Capricorn Plaza Pvt. Ltd. (Corporate Debtors) and initiating Corporate Insolvency Resolution Process (CIRP). The dispute arose from defaults on term loans and Emergency Credit Line Guarantee Scheme (ECLGS) facilities, which were assigned by Piramal Finance Ltd. to Omkara Asset Reconstruction Pvt. Ltd. (Financial Creditor). The Corporate Debtors contested the assignment's validity and the existence/curability of default, citing issues with a
…Piramal Finance Ltd. (PCHFL) extended a Rs.600 crore term loan facility to GSTAAD Hotels Pvt. Ltd. (Corporate Debtor) and Neo Capricorn Plaza Pvt. Ltd. (Neo) as co-borrowers on 26.12.2017.
A Cash Management Agreement (CMA) was executed in January 2018, detailing revenue distribution for debt servicing.
The Loan Agreement mandated a Debt Service Reserve Account (DSRA) of Rs.8 crores for the Corporate Debtor and Rs.2 crores for Neo, with Rs.3 crores remaining undisbursed as of 15.11.2022.
The Corporate Debtor and Neo also availed facilities under the Emergency Credit Line Guarantee Scheme (ECLGS).
On 27.12.2022, PCHFL and PHL Fininvest Pvt. Ltd. assigned the loans and ECLGS facilities to Omkara Asset Reconstruction Pvt. Ltd. (Financial Creditor).
…Sign in to view the parties.
Piramal Finance Ltd. (PCHFL) extended a term…
The first disb…
The case involves two statutory appeals under Section 62 of the Insolvency and Bankruptcy Code, 2016 (IBC) challenging a common judgment of the National Company Law Appellate Tribunal (NCLAT). The NCLAT had affirmed National Company Law Tribunal (NCLT) orders admitting Section 7 IBC petitions against GSTAAD Hotels Pvt. Ltd. and Neo Capricorn Plaza Pvt. Ltd. (Corporate Debtors) and initiating Corporate Insolvency Resolution Process (CIRP). The dispute arose from defaults on term loans and Emergency Credit Line Guarantee Scheme (ECLGS) facilities, which were assigned by Piramal Finance Ltd. to Omkara Asset Reconstruction Pvt. Ltd. (Financial Creditor). The Corporate Debtors contested the assignment's validity and the existence/curability of default, citing issues with a
…Piramal Finance Ltd. (PCHFL) extended a Rs.600 crore term loan facility to GSTAAD Hotels Pvt. Ltd. (Corporate Debtor) and Neo Capricorn Plaza Pvt. Ltd. (Neo) as co-borrowers on 26.12.2017.
A Cash Management Agreement (CMA) was executed in January 2018, detailing revenue distribution for debt servicing.
The Loan Agreement mandated a Debt Service Reserve Account (DSRA) of Rs.8 crores for the Corporate Debtor and Rs.2 crores for Neo, with Rs.3 crores remaining undisbursed as of 15.11.2022.
The Corporate Debtor and Neo also availed facilities under the Emergency Credit Line Guarantee Scheme (ECLGS).
On 27.12.2022, PCHFL and PHL Fininvest Pvt. Ltd. assigned the loans and ECLGS facilities to Omkara Asset Reconstruction Pvt. Ltd. (Financial Creditor).
…Piramal Finance Ltd. (PCHFL) extended a term…
The first disb…