The case involves three company petitions (CP(IB) No. 03/BB/2018, CP(IB) No. 06/BB/2018, and CP(IB) No. 14/BB/2018) filed under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The petitioners, Reliance Nippon Life Asset Management Limited and Reliance India Realty Opportunities LLP, claim that the respondents, BCIL Zed Ria Properties Private Limited, BCIL Red Earth Developers India Private Limited, and Biodiversity Conservation India Private Limited, defaulted on debenture outstandings. The petitions were consolidated due to overlapping issues.
Reliance Nippon Life Asset Management Limited and Reliance India Realty Opportunities LLP (Financial Creditors) lent money to BCIL Zed Ria Properties Private Limited, BCIL Red Earth Developers India Private Limited, and Biodiversity Conservation India Private Limited (Corporate Debtors) through debenture subscription agreements. The Corporate Debtors defaulted on payments, leading the Financial Creditors to file petitions under Section 7 of the Insolvency & Bankruptcy Code, 2016. The debentures were secured by mortgages, pledges, and guarantees. The Corporate Debtors argued that they were unable to pay due to unforeseen floods and that the interest rates were excessive. The Financial Creditors claimed that the Corporate Debtors had issued balance confirmation
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The Petitioner/Financial Creditor pursuant to…
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The case involves three company petitions (CP(IB) No. 03/BB/2018, CP(IB) No. 06/BB/2018, and CP(IB) No. 14/BB/2018) filed under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The petitioners, Reliance Nippon Life Asset Management Limited and Reliance India Realty Opportunities LLP, claim that the respondents, BCIL Zed Ria Properties Private Limited, BCIL Red Earth Developers India Private Limited, and Biodiversity Conservation India Private Limited, defaulted on debenture outstandings. The petitions were consolidated due to overlapping issues.
Reliance Nippon Life Asset Management Limited and Reliance India Realty Opportunities LLP (Financial Creditors) lent money to BCIL Zed Ria Properties Private Limited, BCIL Red Earth Developers India Private Limited, and Biodiversity Conservation India Private Limited (Corporate Debtors) through debenture subscription agreements. The Corporate Debtors defaulted on payments, leading the Financial Creditors to file petitions under Section 7 of the Insolvency & Bankruptcy Code, 2016. The debentures were secured by mortgages, pledges, and guarantees. The Corporate Debtors argued that they were unable to pay due to unforeseen floods and that the interest rates were excessive. The Financial Creditors claimed that the Corporate Debtors had issued balance confirmation
…The Petitioner/Financial Creditor pursuant to…
The Petitioners/Financial Creditors and…