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TMI Blog2021 (1) TMI 1147X X X X Extracts X X X X X X X X Extracts X X X X ..... Hence this petition is filed under Section 7 of Insolvency and Bankruptcy Code, 2016, read with Rule 4 of Insolvency Bankruptcy (Application to Adjudicating Authority) Rules, 2016, seeking commencement of Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. 2. The averments of the petition filed by the Petitioner/Financial Creditor in brief are: a. It is averred that National Institute of Tourism Hospitality Management (NITHM) issued an advertisement for inviting proposals for setting up 4star Business Class Hotel under Public Private Partnership (PPP) mode. The proposals from Maha Hotel Projects Private Limited as lead developer in technical collaboration with Hilton International Manage LLC was selected for issue of Letter of Award (LOA) by NITHM. b. It is averred that as per the terms and conditions of the Letter of Award issued by the NITHM, the Consortium lead by Maha Hotel Projects Pvt Ltd established M/s. Saptarishi Hotels Private Ltd (Corporate Debtor here in) as a Special purpose Vehicle (SPV) to implement its obligations under the Letter of Award. c. It is averred that NITHM, Saptarishi Hotels Pvt Ltd and Maha Hotel Projects Priva ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Total 185 30 20 f. It is averred that Corporate Debtor has executed various loan documents before availing the credit facilities and the promoters of the corporate debtor i.e. Shri L.N. Sharma, Shri Y. Yashdeep Sharma and Smt. Sunita Sharma have executed a deed of guarantee extending their personal guarantees to the financial creditors for securing the loan sanctioned to Corporate Debtor to an extent for ₹ 170.00 crores. M/s. Maha Hotels Projects Pvt Ltd have also executed a Deed of Guarantee in favour of financial creditors by Shri L.N. Sharma, Shri Y. Yashdeep Sharma and Smt. Sunita Sharma guaranting the repayment of loans/facilities of ₹ 205.00 crores sanctioned to Corporate Debtor. The details of the loan documents which are executed by the Corporate Debtor and other guarantors are mentioned in para 6 of Page no. 10 to the petition. g. It is further averred that the consortium of Banks entered into nter-se Agreement dated 22.06.2016 between them for monitoring the credit facilities sanctioned to Corporate Debtor in which the Punjab National Bank was nominated as Lead Bank. It is averred ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... averred that NITHM in pursuance of its proposal to build a 4 star hotel under Public Private Partnership mode, issued advertisement for inviting proposals from the competent bodies. After bidding and due evaluation Maha Hotels was awarded with the project of setting up a 4 star business class hotel and subsequently Maha Hotels to execute the project incorporated an SPy (Special Purpose Vehicle) i.e. Corporate Debtor M/s. Saptarishi Hotels Private Limited. iv. It is averred that on 24.11.2010 NITHM, Maha Hotels and Corporate Debtor executed Lease Agreement and also executed Development and Management Agreement on 10.08.2011. V. It is averred based on the assurances made by NITHM corporate debtor approached the financial creditor for loans. Based on the representations made by the corporate debtor, the financial creditor sanctioned the total loan amount of ₹ 170 crores/-. The sanctioned loan amounts given by the financial creditor banks are given below: BANK Term Loan Letter of Credit Bank Guarantees Punjab National Bank 80 cr 15cr 10cr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o discharge debt amount. But financial creditor stalled the OTS proposal and approached the Debt Recovery Tribunal for the claim amount which is numbered as CA No. 189/2019 which is pending adjudication. xiii. It is further submitted that financial creditor has filed two separate cases for the same relief n two different forums. The Corporate Debtor was ready to discharge its liability towards the financial creditor has filed the insolvency petition and put corporate debtor in severe hardship. Since Corporate Debtor is in incurred loss and is not liable to pay any amount as prayed by the financial creditor. Thus prayed the Tribunal to dismiss the Petition. 4. We have heard the counsel for financial creditor and the counsel for the corporate debtor. This is an application filed under section 7 of the IBC Code, 2016. The case of the applicant/ financial creditor is that t has extended various loan facilities to the corporate debtor from time to time. Details of financial debt like documents, record and evidence of default are shown as Part V of the Petition. 5. The financial creditor also filed written submissions dated 02.12.2020 stating that the counter filed by the corp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at No. 16 (11-20-18), Shop cum flat, Huda Complex, Kothapet, Hyderabad-500035, E-Mail: tsnraja@cimaiLcom Registration No. IBBI/IPA-003/IP-N00065/2017-18/10551, who has given affidavit of consent n Form-2. The Financial Creditor has established the debt and default through various documents filed along with the application. The application is, therefore, liable to be admitted 11. Hence, the Adjudicating Authority admits this Petition under Section 7 of IBC, 2016, declaring moratorium for the purposes referred to in Section 14 of the Code, with the following directions: (i) The Bench hereby prohibits the institution of suits or continuation of pending suits or proceedings against the Corporate Debtor including execution of any judgment, decree or order in any court of law, Tribunal, arbitration panel or other authority; Transferring, encumbering, alienating or disposing of by the Corporate Debtor any of its assets or any legal right or beneficial interest therein; any action to foreclose, recover or enforce any security interest created by the Corporate Debtor in respect of its property including any action under Securitization and Reconstruction of Financial Assets and Enforc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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