The case pertains to a petition filed by M/s. Reliance Capital AIF Trustee Company Private Limited and M/s. Reliance Nippon Life Asset Management Limited (Financial Creditors) under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Fortuna Buildcon India Private Limited (Corporate Debtor). The petition was filed due to the Corporate Debtor's default on a total outstanding amount of Rs. 59,42,52,495 as of 2017-03-31, along with 21.50% IRR. The Corporate Debtor had issued Non-Convertible Debentures (NCDs) to the Financial Creditors, and the default was a violation of the Debenture Subscription
…M/s. Reliance Capital AIF Trustee Company Private Limited and M/s. Reliance Nippon Life Asset Management Limited (Financial Creditors) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Fortuna Buildcon India Private Limited (Corporate Debtor) due to a default on debt obligations. The Corporate Debtor had issued Non-Convertible Debentures (NCDs) to the Financial Creditors. The outstanding amount was Rs. 59,42,52,495 as of 2017-03-31, along with 21.50% IRR. The Corporate Debtor admitted to the debt but claimed the default was due to circumstances beyond its control, including the demise of Shri Naresh Kumar, which caused obstacles in the project. The Corporate Debtor also
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The case pertains to a petition filed by M/s. Reliance Capital AIF Trustee Company Private Limited and M/s. Reliance Nippon Life Asset Management Limited (Financial Creditors) under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Fortuna Buildcon India Private Limited (Corporate Debtor). The petition was filed due to the Corporate Debtor's default on a total outstanding amount of Rs. 59,42,52,495 as of 2017-03-31, along with 21.50% IRR. The Corporate Debtor had issued Non-Convertible Debentures (NCDs) to the Financial Creditors, and the default was a violation of the Debenture Subscription
…M/s. Reliance Capital AIF Trustee Company Private Limited and M/s. Reliance Nippon Life Asset Management Limited (Financial Creditors) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Fortuna Buildcon India Private Limited (Corporate Debtor) due to a default on debt obligations. The Corporate Debtor had issued Non-Convertible Debentures (NCDs) to the Financial Creditors. The outstanding amount was Rs. 59,42,52,495 as of 2017-03-31, along with 21.50% IRR. The Corporate Debtor admitted to the debt but claimed the default was due to circumstances beyond its control, including the demise of Shri Naresh Kumar, which caused obstacles in the project. The Corporate Debtor also
…The Insolvency and…
The Corporate Debtor…