The case pertains to an application filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, by Reliance Capital AIF Trustee Company Private Limited (Financial Creditor) against Fortuna Projects (India) Private Limited (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed a default in payment of Rs. 59,42,52,495/- by the Corporate Debtor. The Corporate Debtor, Fortuna Projects (India) Private Limited, had provided a corporate guarantee for the debenture outstanding of Fortuna Buildcon India Private Limited (FBIPL). The financial creditor had lent Rs.46,05,00,000/- to Fortuna Buildcon India Private Limited by subscribing to/purchasing 46,05,000 senior secured redeemable non-convertible debentures
…1. Reliance Capital AIF Trustee Company Private Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against Fortuna Projects (India) Private Limited (Corporate Debtor) to initiate Corporate Insolvency Resolution Process (CIRP).
2. The Financial Creditor claimed that the Corporate Debtor defaulted in payment of Rs. 59,42,52,495/-, comprising principal, accrued interest, redemption premium, additional interest, and default interest as on 31.03.2017, along with 21.50% IRR.
3. The Financial Creditor had lent Rs.46,05,00,000/- to Fortuna Buildcon India Private Limited (FBIPL) by subscribing to/purchasing 46,05,000 senior secured redeemable non-convertible debentures of Rs.100/- each issued by FBIPL for a total
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The case pertains to an application filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, by Reliance Capital AIF Trustee Company Private Limited (Financial Creditor) against Fortuna Projects (India) Private Limited (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed a default in payment of Rs. 59,42,52,495/- by the Corporate Debtor. The Corporate Debtor, Fortuna Projects (India) Private Limited, had provided a corporate guarantee for the debenture outstanding of Fortuna Buildcon India Private Limited (FBIPL). The financial creditor had lent Rs.46,05,00,000/- to Fortuna Buildcon India Private Limited by subscribing to/purchasing 46,05,000 senior secured redeemable non-convertible debentures
…1. Reliance Capital AIF Trustee Company Private Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against Fortuna Projects (India) Private Limited (Corporate Debtor) to initiate Corporate Insolvency Resolution Process (CIRP).
2. The Financial Creditor claimed that the Corporate Debtor defaulted in payment of Rs. 59,42,52,495/-, comprising principal, accrued interest, redemption premium, additional interest, and default interest as on 31.03.2017, along with 21.50% IRR.
3. The Financial Creditor had lent Rs.46,05,00,000/- to Fortuna Buildcon India Private Limited (FBIPL) by subscribing to/purchasing 46,05,000 senior secured redeemable non-convertible debentures of Rs.100/- each issued by FBIPL for a total
Case liste…
Case liste…
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