This case involves an application filed by Lichfl Trustee Company Private Limited, the Financial Creditor, under Section 7 of the Insolvency & Bankruptcy Code, 2016 (I&B Code), against Anudan Properties Private Limited, the Corporate Debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed a total default of Rs.144,79,36,325/-, including principal and interest, arising from a Share Subscription cum Debenture Subscription and Shareholders Agreement dated 13.10.2016. The Corporate Debtor argued against the application, citing efforts to provide an exit to the Financial Creditor and the impact of economic conditions and regulatory changes on its business. The Financial Creditor contended that the Corporate Debtor
…Lichfl Trustee Company Private Limited (Financial Creditor) filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, against Anudan Properties Private Limited (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The claim was based on a default of Rs. 144,79,36,325/-, including principal and interest. A Share Subscription cum Debenture Subscription and Shareholders Agreement dated 13.10.2016 was executed between the Financial Creditor, Corporate Debtor, and other investors, where the Financial Creditor invested Rs. 79,90,00,000/- by subscribing to Equity Shares and Series A Optionally Fully Convertible Debentures. The Corporate Debtor represented that it owned land in Thane and was developing a residential project
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Agreement executed between the Financial…
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This case involves an application filed by Lichfl Trustee Company Private Limited, the Financial Creditor, under Section 7 of the Insolvency & Bankruptcy Code, 2016 (I&B Code), against Anudan Properties Private Limited, the Corporate Debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed a total default of Rs.144,79,36,325/-, including principal and interest, arising from a Share Subscription cum Debenture Subscription and Shareholders Agreement dated 13.10.2016. The Corporate Debtor argued against the application, citing efforts to provide an exit to the Financial Creditor and the impact of economic conditions and regulatory changes on its business. The Financial Creditor contended that the Corporate Debtor
…Lichfl Trustee Company Private Limited (Financial Creditor) filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, against Anudan Properties Private Limited (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The claim was based on a default of Rs. 144,79,36,325/-, including principal and interest. A Share Subscription cum Debenture Subscription and Shareholders Agreement dated 13.10.2016 was executed between the Financial Creditor, Corporate Debtor, and other investors, where the Financial Creditor invested Rs. 79,90,00,000/- by subscribing to Equity Shares and Series A Optionally Fully Convertible Debentures. The Corporate Debtor represented that it owned land in Thane and was developing a residential project
…Agreement executed between the Financial…
The Corporate Debtor failed to make payment of…