Catalyst Trusteeship Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Riyasat Towers Private Limited due to an alleged default of Rs. 217.77 crores. Riyasat Towers issued secured redeemable non-convertible debentures to raise funds for a real estate development project named 'Raheja India Towers'. Catalyst Trusteeship acted as the trustee for the debenture holders. The debentures were issued in two tranches, Debenture-I and Debenture-II, with specific terms regarding interest, redemption, and tenure. Riyasat Towers allegedly defaulted on its obligations under the Debenture Trust Deeds, including failing to pay interest and meet project milestones. Catalyst
…Catalyst Trusteeship Limited filed an application to initiate Corporate Insolvency Resolution Process (CIRP) against Riyasat Towers Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. Riyasat Towers issued 2600 secured redeemable non-convertible debentures to raise funds for a real estate project named 'Raheja India Towers' in Sector 88A, Gurugram. Catalyst Trusteeship acted as the trustee for the debenture holders. Debenture-I was issued to raise INR 95.00 crores, and Debenture-II was issued to raise INR 35.00 crores. The debentures carried a 12% per annum interest rate, payable monthly. Riyasat Towers allegedly defaulted on its obligations under the Debenture Trust Deeds, including failing to pay interest and meet project milestones. Catalyst
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Catalyst Trusteeship Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Riyasat Towers Private Limited due to an alleged default of Rs. 217.77 crores. Riyasat Towers issued secured redeemable non-convertible debentures to raise funds for a real estate development project named 'Raheja India Towers'. Catalyst Trusteeship acted as the trustee for the debenture holders. The debentures were issued in two tranches, Debenture-I and Debenture-II, with specific terms regarding interest, redemption, and tenure. Riyasat Towers allegedly defaulted on its obligations under the Debenture Trust Deeds, including failing to pay interest and meet project milestones. Catalyst
…Catalyst Trusteeship Limited filed an application to initiate Corporate Insolvency Resolution Process (CIRP) against Riyasat Towers Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. Riyasat Towers issued 2600 secured redeemable non-convertible debentures to raise funds for a real estate project named 'Raheja India Towers' in Sector 88A, Gurugram. Catalyst Trusteeship acted as the trustee for the debenture holders. Debenture-I was issued to raise INR 95.00 crores, and Debenture-II was issued to raise INR 35.00 crores. The debentures carried a 12% per annum interest rate, payable monthly. Riyasat Towers allegedly defaulted on its obligations under the Debenture Trust Deeds, including failing to pay interest and meet project milestones. Catalyst
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Respondent and…