Small Industries Development Bank Of India Vs. Alps Leisure Holidays Pvt. Ltd. [C.P. No. (IB) 178/7/NCLT/AHM/2017] - Synopsis
Team SoOLEGAL 16 Mar 2021

In this case, Small Industries Development Bank Of India Vs. Alps Leisure Holidays Pvt. Ltd. [C.P. No. (IB) 178/7/NCLT/AHM/2017], on 7th March 2014, the Financial Creditor provided financial assistance in the form of a term loan of Rs.7,80,00,000/-, which was disbursed in two instalments before the end of March 2014. The NPA date was 08-02-2017 (as per RBI Norms), and the default date was 10-11-2016 (as per IBC 2016) when the loan repayment instalment fell due. A letter of rescheduling was sent, but it was refused. The complaint was heard for the first time on 22nd November 2017, and it was adjourned 14 times for different reasons until it was eventually accepted. Reasons included documents delivered in vernacular language that needed to be translated into English, or sometimes one side not being present or sometimes both sides not being present, and time spent working for settlement between the parties after it was published.
The bench after having satisfied about the default and after has given more than enough opportunity of being heard admitted the case.

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