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 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 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 difficulties.
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. The debentures had a face value of ₹1,00,000/- each and a term of 42 months from the First Tranche Closing Date. The terms were governed by a Debenture Subscription Agreement (DSA) dated 6.09.2016 and a Debenture Trust Deed dated 26.10.2016. The investment was secured by Deeds of Guarantee executed by the Corporate Debtor and Personal Guarantors dated 7.9.2016. The Petitioner sent a notice dated 15.10.2018 to the Corporate Debtor regarding an 'Event of Default' due to non-receipt of payment for the period 1.10.2018. The
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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 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 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 difficulties.
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. The debentures had a face value of ₹1,00,000/- each and a term of 42 months from the First Tranche Closing Date. The terms were governed by a Debenture Subscription Agreement (DSA) dated 6.09.2016 and a Debenture Trust Deed dated 26.10.2016. The investment was secured by Deeds of Guarantee executed by the Corporate Debtor and Personal Guarantors dated 7.9.2016. The Petitioner sent a notice dated 15.10.2018 to the Corporate Debtor regarding an 'Event of Default' due to non-receipt of payment for the period 1.10.2018. The
…Debenture Subscription…
Debenture Trust Deed…