Investcorp Real Estate Yield Fund, the financial creditor, filed a petition under Section 7 of the IBC, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against NEL Holdings Limited, the corporate debtor, due to a default of Rs. 173,12,24,515. The amount included a principal of Rs. 55,00,00,000 and interest of Rs. 118,12,24,515 as of May 31, 2020, arising from the allotment of 1250 secured, redeemable, non-convertible debentures. The Tribunal issued notice to the Corporate Debtor, who filed objections. However, the Financial Creditor subsequently sought to withdraw the petition.
Investcorp Real Estate Yield Fund (formerly IDFC Real Estate Yield Fund), represented by IDBI Trusteeship Services Limited, filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against NEL Holdings Limited (formerly Nitesh Estates Limited). The basis for the petition was a financial debt of Rs. 173,12,24,515, comprising a principal amount of Rs. 55,00,00,000 and interest of Rs. 118,12,24,515 as of May 31, 2020, arising from the allotment of 1250 secured, redeemable, non-convertible debentures. The Corporate Debtor had filed its Statement of objections to the Petition. The Financial Creditor subsequently filed a memo seeking to withdraw the petition, stating that it no
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Investcorp Real Estate Yield Fund, the financial creditor, filed a petition under Section 7 of the IBC, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against NEL Holdings Limited, the corporate debtor, due to a default of Rs. 173,12,24,515. The amount included a principal of Rs. 55,00,00,000 and interest of Rs. 118,12,24,515 as of May 31, 2020, arising from the allotment of 1250 secured, redeemable, non-convertible debentures. The Tribunal issued notice to the Corporate Debtor, who filed objections. However, the Financial Creditor subsequently sought to withdraw the petition.
Investcorp Real Estate Yield Fund (formerly IDFC Real Estate Yield Fund), represented by IDBI Trusteeship Services Limited, filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against NEL Holdings Limited (formerly Nitesh Estates Limited). The basis for the petition was a financial debt of Rs. 173,12,24,515, comprising a principal amount of Rs. 55,00,00,000 and interest of Rs. 118,12,24,515 as of May 31, 2020, arising from the allotment of 1250 secured, redeemable, non-convertible debentures. The Corporate Debtor had filed its Statement of objections to the Petition. The Financial Creditor subsequently filed a memo seeking to withdraw the petition, stating that it no
…Debenture Tru…
Interest calcu…
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