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ARTICLE · 26 AUGUST 2022

Restructuring & Insolvency Monthly Update | August 2022

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V. Hotels Ltd (Corporate Debtor) had executed a Loan Agreement in March 2002 with a consortium of banks consisting of Bank of India, Punjab National Bank, Union Bank of India, Vijaya Bank...

IndiaInsolvency/Bankruptcy/Re-Structuring
Abhirup Dasgupta
Abhirup Dasgupta
Pratik Ghose
Pratik Ghose
Avishek Roy
Avishek Roy
Ishaan Duggal
Ishaan Duggal
Bhawana Sharma
Bhawana Sharma
Akriti Shikha
Akriti Shikha
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RECENT JUDGMENTS

Asset Reconstruction Company (India) Ltd v. Tulip Star Hotels Ltd & Ors

Supreme Court of India | Judgment dated August 01, 2022 | Civil Appeal Nos. 84-85 of 2020

Background facts

  • V. Hotels Ltd (Corporate Debtor) had executed a Loan Agreement in March 2002 with a consortium of banks consisting of Bank of India, Punjab National Bank, Union Bank of India, Vijaya Bank, Canara Bank and Indian Bank, led by Bank of India (Consortium), pursuant to which, a loan of INR 1,29,00,00,000 was sanctioned collectively by the Consortium to the Corporate Debtor.
  • Thereafter, the Corporate Debtor entered into an agreement with Abu Dhabi Commercial Bank (ADCB) under which ADCB agreed to advance USD 29,000,000 to the Corporate Debtor for repayment of the loan taken from the Consortium. However, between August and December 2003, the Corporate Debtor repaid the sum disbursed by Bank of India under the Loan Agreement from the funds disbursed to the Corporate

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