Asian Hotels (West), Owner Of Hyatt Regency (Mumbai), Admitted Into Insolvency: NCLT Delhi
2 years, 2 months ago

Asian Hotels (West), Owner Of Hyatt Regency (Mumbai), Admitted Into Insolvency: NCLT Delhi

Live Law  

The National Company Law Tribunal, New Delhi Bench, comprising of Shri Dharminder Singh and Shri Binod Kumar Sinha, while adjudicating an application filed in JM Financial Asset Reconstruction Co. Ltd. v Asian Hotel Ltd., has initiated Corporate Insolvency Resolution Process against Asian Hotels Ltd. over a default of Rs. Therefore Yes Bank Ltd. filed a petition under Section 7 of the Insolvency and Bankruptcy Act, 2016, seeking initiation of Corporate Insolvency Resolution Process against the Corporate Debtor over a default of Rs. Subsequently, Yes Bank Limited assigned the Corporate Debtor's debt to JM Financial Asset Reconstruction Co. Ltd on 21.06.2022. Contentions Of The Financial Creditor The Financial Creditor argued that Mr. Prashant Kumar was authorized by Yes Bank's Board of Directors, to further authorize Mr. Ankit Jain through Power of Attorney to file the Petition.

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History of this topic

NCLAT Delhi Terminates Insolvency Proceedings Against Asian Hotels (West) Ltd., Accepts Settlement Proposal By Promoters
11 months ago

NCLAT Delhi Terminates Insolvency Proceedings Against Asian Hotels (West) Ltd., Accepts Settlement Proposal By Promoters

Live Law  

The National Company Law Appellate Tribunal, New Delhi Bench, comprising of Justice Ashok Bhushan and Shri Barun Mitra, has terminated Corporate Insolvency Resolution Process of Asian Hotels Ltd., which was initiated by NCLT in September 2022. The Bench has accepted the Settlement Proposal submitted by Promoters and Suspended Directors of Asian Hotels, wherein 100% dues of Financial Creditors along with …

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