This case involves two statutory appeals filed under Section 62 of the Insolvency and Bankruptcy Code, 2016 (IBC) before the Supreme Court of India. These appeals challenged a common judgment dated 19.08.2025 by the National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi. The NCLAT judgment had dismissed earlier appeals and affirmed two orders dated 08.07.2025 of the National Company Law Tribunal (NCLT), Mumbai Bench, Court-I. These NCLT orders admitted Company Petitions (IB) No. 291 of 2023 and 290 of 2023, initiating the Corporate Insolvency Resolution Process (CIRP) against GSTAAD Hotels Pvt. Ltd. (Corporate Debtor) and Neo Capricorn Plaza Pvt. Ltd. (Neo). The original lender, Piramal Finance Ltd. (later Piramal Capital and Housing Finance Ltd. -
…Piramal Finance Ltd. (PCHFL) extended a term loan facility of Rs.600 crores 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, stipulating that 34% of hotel gross revenue collections be deposited into a Retention Account for debt servicing.
A Debt Service Reserve Account (DSRA) of Rs.8 crores for the Corporate Debtor and Rs.2 crores for Neo was required, with Rs.3 crores remaining undisbursed as of 15.11.2022.
The Corporate Debtor availed two Emergency Credit Line Guarantee Scheme (ECLGS) facilities: Rs.98 crores on 29.12.2020 (ECLGS-1) and Rs.65 crores on 11.03.2022 (ECLGS-2), and Neo received Rs.19.5 crores on 30.12.2020.
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Piramal Finance Ltd. (later PCHFL) extended a…
A CMA was executed between the Lender,…
This case involves two statutory appeals filed under Section 62 of the Insolvency and Bankruptcy Code, 2016 (IBC) before the Supreme Court of India. These appeals challenged a common judgment dated 19.08.2025 by the National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi. The NCLAT judgment had dismissed earlier appeals and affirmed two orders dated 08.07.2025 of the National Company Law Tribunal (NCLT), Mumbai Bench, Court-I. These NCLT orders admitted Company Petitions (IB) No. 291 of 2023 and 290 of 2023, initiating the Corporate Insolvency Resolution Process (CIRP) against GSTAAD Hotels Pvt. Ltd. (Corporate Debtor) and Neo Capricorn Plaza Pvt. Ltd. (Neo). The original lender, Piramal Finance Ltd. (later Piramal Capital and Housing Finance Ltd. -
…Piramal Finance Ltd. (PCHFL) extended a term loan facility of Rs.600 crores 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, stipulating that 34% of hotel gross revenue collections be deposited into a Retention Account for debt servicing.
A Debt Service Reserve Account (DSRA) of Rs.8 crores for the Corporate Debtor and Rs.2 crores for Neo was required, with Rs.3 crores remaining undisbursed as of 15.11.2022.
The Corporate Debtor availed two Emergency Credit Line Guarantee Scheme (ECLGS) facilities: Rs.98 crores on 29.12.2020 (ECLGS-1) and Rs.65 crores on 11.03.2022 (ECLGS-2), and Neo received Rs.19.5 crores on 30.12.2020.
…Piramal Finance Ltd. (later PCHFL) extended a…
A CMA was executed between the Lender,…