Supreme Housing and Hospitality Pvt Ltd

Supreme Housing and Hospitality Pvt Ltd faced insolvency proceedings due to defaults on loans exceeding ₹800 crore, primarily from Canara Bank and ICICI Bank. The company's financial troubles began with a ₹390-crore term loan in 2014, which became a non-performing asset. Despite multiple settlement attempts, the company struggled with funding commitments, leading to revived insolvency proceedings. Eventually, a settlement was reached with ICICI Bank and Canara Bank, allowing the company to exit insolvency under Section 12A of the Insolvency and Bankruptcy Code, 2016. The settlement involved a full and final payment of ₹460 crore, with conditions ensuring creditor approval.

Source: https://www.livemint.com/companies/news/supreme-housing-insolvency-exit-icici-bank-settlement-canara-bank-default-nclt-mumbai-supreme-housing-section-12a-11753858173181.html

TPRM report: https://www.rankiteo.com/company/belmac

"id": "bel858080725",
"linkid": "belmac",
"type": "Breach",
"date": "6/2014",
"severity": "60",
"impact": "2",
"explanation": "Attack limited on finance or reputation"

{'affected_entities': [{'industry': 'Real Estate',
                        'location': 'Mumbai, India',
                        'name': 'Supreme Housing and Hospitality Pvt Ltd',
                        'type': 'Company'},
                       {'industry': 'Financial Services',
                        'location': 'India',
                        'name': 'ICICI Bank',
                        'type': 'Bank'},
                       {'industry': 'Financial Services',
                        'location': 'India',
                        'name': 'Canara Bank',
                        'type': 'Bank'}],
 'description': 'An insolvency court in Mumbai allowed Supreme Housing and '
                'Hospitality Pvt Ltd to exit insolvency proceedings after '
                'reaching a settlement with lender ICICI Bank. The company had '
                'defaulted on dues of more than ₹800 crore, leading to '
                'insolvency proceedings initiated by Canara Bank and ICICI '
                'Bank. The proceedings were withdrawn under Section 12A of the '
                'Insolvency and Bankruptcy Code, 2016, after a settlement was '
                'reached.',
 'impact': {'financial_loss': '₹800 crore'},
 'post_incident_analysis': {'corrective_actions': 'Settlement with creditors',
                            'root_causes': 'Financial default on loans'},
 'regulatory_compliance': {'regulations_violated': 'Insolvency and Bankruptcy '
                                                   'Code, 2016'},
 'title': 'Supreme Housing and Hospitality Pvt Ltd Insolvency Proceedings '
          'Withdrawn',
 'type': 'Financial/Insolvency'}