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. Beacon Trusteeship Limited was appointed as the Debenture Trustee. The Corporate Debtor failed to pay the first coupon payment on 11.09.2019, even after a grace period was extended to 15.10.2019. The Petitioners issued notices calling for payment, but the Corporate Debtor failed to comply. The Corporate Debtor had also initiated arbitration
…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, seeking to initiate CIRP due to a default of Rs. 77,94,92,513/-. Seya Industries Limited had issued secured, unrated, redeemable, non-convertible debentures, with SC Credit Fund being the debenture holder and Beacon Trusteeship Limited acting as the debenture trustee. SC Credit Fund disbursed Rs. 72 crores to Seya Industries Limited on 11.03.2019. Seya Industries Limited was obligated to pay the first coupon on 11.09.2019, but failed to do so, even after a grace period extending to 15.10.2019. This non-payment triggered an event of default under the Debenture Trust Deed. The Petitioners issued a recall notice
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Corporate Debtor issued…
Petitioner No. 3 paid a…
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. Beacon Trusteeship Limited was appointed as the Debenture Trustee. The Corporate Debtor failed to pay the first coupon payment on 11.09.2019, even after a grace period was extended to 15.10.2019. The Petitioners issued notices calling for payment, but the Corporate Debtor failed to comply. The Corporate Debtor had also initiated arbitration
…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, seeking to initiate CIRP due to a default of Rs. 77,94,92,513/-. Seya Industries Limited had issued secured, unrated, redeemable, non-convertible debentures, with SC Credit Fund being the debenture holder and Beacon Trusteeship Limited acting as the debenture trustee. SC Credit Fund disbursed Rs. 72 crores to Seya Industries Limited on 11.03.2019. Seya Industries Limited was obligated to pay the first coupon on 11.09.2019, but failed to do so, even after a grace period extending to 15.10.2019. This non-payment triggered an event of default under the Debenture Trust Deed. The Petitioners issued a recall notice
…Corporate Debtor issued…
Petitioner No. 3 paid a…