The Financial Creditor, IDBI Trusteeship Services Limited, filed a petition under Section 7 of the IBC to initiate CIRP against Radius and Deserve Builders LLP (Corporate Debtor) due to alleged defaults under a Debenture Trust Deed (DTD) and an Options Agreement. The Corporate Debtor contested the petition, arguing that the debt was not maintainable under the IBC, there was no privity of contract, and the petition was barred by Section 10A of the IBC.
IDBI Trusteeship Services Limited (Financial Creditor) filed a Company Petition under section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Radius and Deserve Builders LLP (Corporate Debtor) to initiate Corporate Insolvency Resolution Process (CIRP). The petition alleged a default in repayment of Rs. 302,00,00,000/- under a Debenture Trust Deed (DTD) dated September 15, 2015, read with an Options Agreement dated September 14, 2015. The total amount claimed in default, including redemption premium and default interest, was Rs. 1204,17,75,567/-.
Corporate Debtor and RDLDPL entered into an…
Corporate Debtor incurred debt to the…
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The Financial Creditor, IDBI Trusteeship Services Limited, filed a petition under Section 7 of the IBC to initiate CIRP against Radius and Deserve Builders LLP (Corporate Debtor) due to alleged defaults under a Debenture Trust Deed (DTD) and an Options Agreement. The Corporate Debtor contested the petition, arguing that the debt was not maintainable under the IBC, there was no privity of contract, and the petition was barred by Section 10A of the IBC.
IDBI Trusteeship Services Limited (Financial Creditor) filed a Company Petition under section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Radius and Deserve Builders LLP (Corporate Debtor) to initiate Corporate Insolvency Resolution Process (CIRP). The petition alleged a default in repayment of Rs. 302,00,00,000/- under a Debenture Trust Deed (DTD) dated September 15, 2015, read with an Options Agreement dated September 14, 2015. The total amount claimed in default, including redemption premium and default interest, was Rs. 1204,17,75,567/-.
Corporate Debtor and RDLDPL entered into an…
Corporate Debtor incurred debt to the…
Sign in to view related legal provisions.