The case pertains to a petition filed by ICICI Prudential Real Estate AIF I, the Financial Creditor, under Section 7 of the Insolvency & Bankruptcy Code, 2016 (I&B Code), against Sunshine Housing & Infrastructure Private Limited, the Corporate Debtor. The petition seeks to initiate the Corporate Insolvency Resolution Process (CIRP) due to a default in repayment of a principal amount of ₹40,00,00,000/- and interest of ₹16,99,00,000/-. The petition was filed on 21.12.2018. The Petitioner invested ₹40,00,00,000/- by subscribing to 4,000 unlisted, unrated, secured, redeemable non-convertible debentures. The Corporate Debtor admitted to the debt and its inability to service it due to financial difficulty.
ICICI Prudential Real Estate AIF I (the Petitioner) invested ₹40,00,00,000/- in Sunshine Housing & Infrastructure Private Limited (the Corporate Debtor) by subscribing to 4,000 unlisted, unrated, secured, redeemable non-convertible debentures with a face value of ₹1,00,000/- each and a term of 42 months. The terms were outlined in a Debenture Subscription Agreement (DSA) dated 6.09.2016 and a Debenture Trust Deed dated 26.10.2016. The Petitioner's ownership of the debentures was reflected in an NSDL transaction statement dated 5.12.2018 and the Corporate Debtor's Annual Return for F.Y. 2017-18. The investment was secured by Deeds of Guarantee dated 7.9.2016. The Petitioner sent a notice dated 15.10.2018 to the Corporate Debtor regarding an 'Event of Default' due to
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The case pertains to a petition filed by ICICI Prudential Real Estate AIF I, the Financial Creditor, under Section 7 of the Insolvency & Bankruptcy Code, 2016 (I&B Code), against Sunshine Housing & Infrastructure Private Limited, the Corporate Debtor. The petition seeks to initiate the Corporate Insolvency Resolution Process (CIRP) due to a default in repayment of a principal amount of ₹40,00,00,000/- and interest of ₹16,99,00,000/-. The petition was filed on 21.12.2018. The Petitioner invested ₹40,00,00,000/- by subscribing to 4,000 unlisted, unrated, secured, redeemable non-convertible debentures. The Corporate Debtor admitted to the debt and its inability to service it due to financial difficulty.
ICICI Prudential Real Estate AIF I (the Petitioner) invested ₹40,00,00,000/- in Sunshine Housing & Infrastructure Private Limited (the Corporate Debtor) by subscribing to 4,000 unlisted, unrated, secured, redeemable non-convertible debentures with a face value of ₹1,00,000/- each and a term of 42 months. The terms were outlined in a Debenture Subscription Agreement (DSA) dated 6.09.2016 and a Debenture Trust Deed dated 26.10.2016. The Petitioner's ownership of the debentures was reflected in an NSDL transaction statement dated 5.12.2018 and the Corporate Debtor's Annual Return for F.Y. 2017-18. The investment was secured by Deeds of Guarantee dated 7.9.2016. The Petitioner sent a notice dated 15.10.2018 to the Corporate Debtor regarding an 'Event of Default' due to
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