Vistrat Real Estates Private Limited filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Bhushan Steel Limited (BSL), claiming a default of Rs. 17,97,91,875/-. BSL had already undergone a Corporate Insolvency Resolution Process (CIRP), and a resolution plan submitted by Tata Steel Limited was accepted on 2018-05-15. The petitioner and BSL had entered into a Memorandum of Lease on 2015-05-01, prior to the CIRP. During the CIRP, a resolution professional appointed an independent valuer to assess the lease rental of the lease property.
Vistrat Real Estates Private Limited filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Bhushan Steel Limited (BSL), claiming a default of Rs. 17,97,91,875/-. The default allegedly occurred in June 2018. BSL had already undergone a Corporate Insolvency Resolution Process (CIRP), with a resolution plan submitted by Tata Steel Limited accepted on 2018-05-15. Vistrat and BSL had entered into a Memorandum of Lease on 2015-05-01, before the CIRP commenced on 2017-07-26. The lease rental was Rs. 6,00,00,000/- per month with a 10% annual increase, and BSL had deposited Rs. 45,00,00,000/- as a refundable deposit. During the CIRP, an independent valuer assessed the lease rental, finding it higher than the market value. The Resolution
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Bhushan Steel Limited (BSL) entered into a…
Corporate Insolvency Resolution Process…
Vistrat Real Estates Private Limited filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Bhushan Steel Limited (BSL), claiming a default of Rs. 17,97,91,875/-. BSL had already undergone a Corporate Insolvency Resolution Process (CIRP), and a resolution plan submitted by Tata Steel Limited was accepted on 2018-05-15. The petitioner and BSL had entered into a Memorandum of Lease on 2015-05-01, prior to the CIRP. During the CIRP, a resolution professional appointed an independent valuer to assess the lease rental of the lease property.
Vistrat Real Estates Private Limited filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Bhushan Steel Limited (BSL), claiming a default of Rs. 17,97,91,875/-. The default allegedly occurred in June 2018. BSL had already undergone a Corporate Insolvency Resolution Process (CIRP), with a resolution plan submitted by Tata Steel Limited accepted on 2018-05-15. Vistrat and BSL had entered into a Memorandum of Lease on 2015-05-01, before the CIRP commenced on 2017-07-26. The lease rental was Rs. 6,00,00,000/- per month with a 10% annual increase, and BSL had deposited Rs. 45,00,00,000/- as a refundable deposit. During the CIRP, an independent valuer assessed the lease rental, finding it higher than the market value. The Resolution
…Bhushan Steel Limited (BSL) entered into a…
Corporate Insolvency Resolution Process…