This case involves an appeal against the order dated 21.12.2020 passed by the Adjudicating Authority (National Company Law Tribunal, New Delhi, Bench –III) in the case of CP (IB) -1600/ND/2018 under Section 7 of the Code, initiating CIRP of the Ambience Pvt. Ltd.-CD. The appeal was filed by Mr. Raj Singh Gehlot, Director of Ambience Pvt. Ltd., under Section 61 of IBC, 2016, challenging the legality of the order. The dispute arises from a Share Subscription cum Shareholders Agreement (SSSA) between Vistra ITCL (formerly IL & FS Trust Company Ltd.), Ambience/Corporate Debtor, and others, concerning investments in a joint venture company for real estate development. Vistra ITCL, as the financial creditor, initiated CIRP based on defaults in payments as per a
…1. Raj Singh Gehlot, Director of Ambience Pvt. Ltd., filed an appeal against the initiation of CIRP against Ambience Pvt. Ltd.
2. Vistra ITCL (formerly IL & FS Trust Company Ltd.) initiated CIRP as a financial creditor based on a Settlement Agreement.
3. The dispute stems from a Share Subscription cum Shareholders Agreement (SSSA) concerning investments in a joint venture company for real estate development.
4. Vistra ITCL invested in Optionally Convertible Debentures and Unsecured Loans in the SPV.
5. The SSSA was amended multiple times, including changes to coupon payments and capital structure.
6. A Settlement Agreement was entered into on 7 April 2017, but subsequent payments were not made due to difficulties in the real estate sector.
7. Vistra ITCL filed an
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Execution of the Share Subscription cum…
Amendment to Share…
This case involves an appeal against the order dated 21.12.2020 passed by the Adjudicating Authority (National Company Law Tribunal, New Delhi, Bench –III) in the case of CP (IB) -1600/ND/2018 under Section 7 of the Code, initiating CIRP of the Ambience Pvt. Ltd.-CD. The appeal was filed by Mr. Raj Singh Gehlot, Director of Ambience Pvt. Ltd., under Section 61 of IBC, 2016, challenging the legality of the order. The dispute arises from a Share Subscription cum Shareholders Agreement (SSSA) between Vistra ITCL (formerly IL & FS Trust Company Ltd.), Ambience/Corporate Debtor, and others, concerning investments in a joint venture company for real estate development. Vistra ITCL, as the financial creditor, initiated CIRP based on defaults in payments as per a
…1. Raj Singh Gehlot, Director of Ambience Pvt. Ltd., filed an appeal against the initiation of CIRP against Ambience Pvt. Ltd.
2. Vistra ITCL (formerly IL & FS Trust Company Ltd.) initiated CIRP as a financial creditor based on a Settlement Agreement.
3. The dispute stems from a Share Subscription cum Shareholders Agreement (SSSA) concerning investments in a joint venture company for real estate development.
4. Vistra ITCL invested in Optionally Convertible Debentures and Unsecured Loans in the SPV.
5. The SSSA was amended multiple times, including changes to coupon payments and capital structure.
6. A Settlement Agreement was entered into on 7 April 2017, but subsequent payments were not made due to difficulties in the real estate sector.
7. Vistra ITCL filed an
Execution of the Share Subscription cum…
Amendment to Share…