This case involves a Company Petition filed by Beacon Trusteeship Limited, S C Manager Private Limited, and SC Credit Fund against Seya Industries Limited, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The petitioners allege that Seya Industries Limited defaulted on a payment of Rs. 77,94,92,513/-. The Corporate Debtor had issued secured, unrated, redeemable, non-convertible debentures to Petitioner No. 3, with Beacon Trusteeship Limited acting as the Debenture Trustee. The Corporate Debtor failed to pay the first coupon installment, leading to the petitioners issuing notices for the entire redemption amount. Simultaneously, the Corporate Debtor initiated arbitration against the Petitioners, alleging breach of the Debenture Trust Deed. The
…Beacon Trusteeship Limited, S C Manager Private Limited, and SC Credit Fund filed a Company Petition against Seya Industries Limited under Section 7 of the IBC, 2016, claiming a default of Rs. 77,94,92,513/-. Seya Industries Limited had issued secured, unrated, redeemable, non-convertible debentures, with Rs. 72 crores disbursed to Petitioner No. 3 on 2019-03-11. Beacon Trusteeship Limited acted as the Debenture Trustee. The first coupon payment was due on 2019-09-11, but Seya Industries Limited failed to pay, even after a grace period until 2019-10-15. Petitioners issued a recall notice on 2019-10-16. Seya Industries Limited initiated arbitration against the Petitioners, alleging breach of the Debenture Trust Deed. The Petitioners filed a counterclaim and secured an
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Petitioner No. 3…
This case involves a Company Petition filed by Beacon Trusteeship Limited, S C Manager Private Limited, and SC Credit Fund against Seya Industries Limited, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The petitioners allege that Seya Industries Limited defaulted on a payment of Rs. 77,94,92,513/-. The Corporate Debtor had issued secured, unrated, redeemable, non-convertible debentures to Petitioner No. 3, with Beacon Trusteeship Limited acting as the Debenture Trustee. The Corporate Debtor failed to pay the first coupon installment, leading to the petitioners issuing notices for the entire redemption amount. Simultaneously, the Corporate Debtor initiated arbitration against the Petitioners, alleging breach of the Debenture Trust Deed. The
…Beacon Trusteeship Limited, S C Manager Private Limited, and SC Credit Fund filed a Company Petition against Seya Industries Limited under Section 7 of the IBC, 2016, claiming a default of Rs. 77,94,92,513/-. Seya Industries Limited had issued secured, unrated, redeemable, non-convertible debentures, with Rs. 72 crores disbursed to Petitioner No. 3 on 2019-03-11. Beacon Trusteeship Limited acted as the Debenture Trustee. The first coupon payment was due on 2019-09-11, but Seya Industries Limited failed to pay, even after a grace period until 2019-10-15. Petitioners issued a recall notice on 2019-10-16. Seya Industries Limited initiated arbitration against the Petitioners, alleging breach of the Debenture Trust Deed. The Petitioners filed a counterclaim and secured an
…Execution of the…
Petitioner No. 3…