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NATIONAL COMPANY LAW APPELLATE TRIBUNAL
Jatindranath Swain, Member (Technical)
Dr. Yarlagadda Krishna Mohan – Appellant
Versus
Mr. Dantu Indu Sekhar – Respondent
| Table of Content |
|---|
| 1. details of the corporate debtor's resolution process and financial background. (Para 2) |
| 2. respondents' counterarguments regarding appellant's challenge. (Para 4) |
JUDGMENT
(Hybrid Mode)
Per : Jatindranath Swain, Member (Technical) :
1. The instant Appeal has been filed by the Appellant against the order dated 07.12.2023 of NCLT Hyderabad in IA No.192/2023 in CP(IB) 206/7/HDB/2021, by virtue of which, the learned Adjudicating Authority allowed the implementation of the Resolution Plan filed by the Respondent No.3 (Successful Resolution Applicant).
2. The brief facts of the case are given below:-
a. The Corporate Debtor, YKM Entertainment and Hotels. Pvt. Ltd was involved in building a 5-Star Hotel at Tirupati, Andhra Pradesh. He entered into O&M Agreement with Intercontinental group under the brand name Holiday Inn on 30.12.2012 with a project cost of Rs.130.25 Crore.
b. The Corporate Debtor entered into a Term Loan Agreement dated 30.08.2011 for an amount of Rs.113.7 Crore, which was subsequently enhanced to Rs.138.7 Crore by an Agreement dated 27.10.2015.
c. The accounts of the Corporate Debtor was declared as NPA on 29.11.2016. The Financial Creditor (FC), the State Ban
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