The appeal was filed against the order dated 18.04.2023 passed by the Adjudicating Authority (National Company Law Tribunal, Hyderabad Bench-1) in I.A. No. 1384/2022 in CP (IB) No. 35/9/HDB/2021. The application was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by Vajra IOT Private Limited (Operational Creditor) against M/s Navayuga Infotech Private Limited (Corporate Debtor). The CIRP was initiated against the Corporate Debtor, and Mr. Kotoju Vasudeva Rao was appointed as the Interim Resolution Professional (IRP). The IRP issued a public announcement inviting claims from the creditors. Subsequently, Shubham Corporation Private Limited (Appellant) submitted a claim, which the IRP initially approved as a financial debt, including the Appellant in the
…Shubham Corporation Private Limited (Appellant) advanced unsecured loans to Navayuga Infotech Private Limited (Corporate Debtor) between 2012 and 2020. The total amount due was Rs. 110,85,44,776/-. The Corporate Debtor offered to issue Compulsory Convertible Debentures (CCDs) carrying 0% interest in lieu of the debt. The Appellant agreed, and a Debenture Subscription Agreement (DSA) was executed on 02.03.2020. The DSA stipulated that the CCDs would automatically convert into equity shares at the end of 10 years. A debenture certificate was issued to the Appellant dated 31.03.2020. Vajra IOT Private Limited (Operational Creditor) initiated CIRP against the Corporate Debtor. The Appellant filed a claim as a financial creditor, which was initially admitted by the IRP. The
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Appellant advanced…
Corporate Debtor offered to issue Zero Coupon…
The appeal was filed against the order dated 18.04.2023 passed by the Adjudicating Authority (National Company Law Tribunal, Hyderabad Bench-1) in I.A. No. 1384/2022 in CP (IB) No. 35/9/HDB/2021. The application was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by Vajra IOT Private Limited (Operational Creditor) against M/s Navayuga Infotech Private Limited (Corporate Debtor). The CIRP was initiated against the Corporate Debtor, and Mr. Kotoju Vasudeva Rao was appointed as the Interim Resolution Professional (IRP). The IRP issued a public announcement inviting claims from the creditors. Subsequently, Shubham Corporation Private Limited (Appellant) submitted a claim, which the IRP initially approved as a financial debt, including the Appellant in the
…Shubham Corporation Private Limited (Appellant) advanced unsecured loans to Navayuga Infotech Private Limited (Corporate Debtor) between 2012 and 2020. The total amount due was Rs. 110,85,44,776/-. The Corporate Debtor offered to issue Compulsory Convertible Debentures (CCDs) carrying 0% interest in lieu of the debt. The Appellant agreed, and a Debenture Subscription Agreement (DSA) was executed on 02.03.2020. The DSA stipulated that the CCDs would automatically convert into equity shares at the end of 10 years. A debenture certificate was issued to the Appellant dated 31.03.2020. Vajra IOT Private Limited (Operational Creditor) initiated CIRP against the Corporate Debtor. The Appellant filed a claim as a financial creditor, which was initially admitted by the IRP. The
…Appellant advanced…
Corporate Debtor offered to issue Zero Coupon…