The National CompanyLaw Tribunal (NCLT), Mumbai Bench has admitted a petition filed by Union Bank of India under Section 7 of the Insolvency and Bankruptcy Code, 2016 for initiating Corporate Insolvency Resolution Process (CIRP) against Heera Hospitality Private Limited due to a total financial default of ₹2.40 crore.
The Financial Creditor has approached the Tribunal for initiating CIRP against the hospitality company. It was alleged that the financial creditor had sanctioned various credit facilities to the Corporate Debtor which included Term Loan-III and Union Guaranteed Emergency Credit Line (UGECL). While few of these facilities got cleared, the other two, namely Term Loan-III and UGECL facilities, had not been…