IDBI Trusteeship Services Limited, acting as a Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Vatika Limited, the Corporate Debtor, due to defaults in payment of Non-Convertible Debentures (NCDs).
IDBI Trusteeship Services Limited filed a petition under Section 7 of the IBC to initiate CIRP against Vatika Limited.
Vatika Limited issued 1,460 fully secured, unlisted, redeemable Non-Convertible Debentures (NCDs) of face value ₹10,00,000 each, aggregating to ₹146 crore.
The initial contractual tenure of the NCDs was 48 months, with the redemption date originally falling due on 30.06.2021.
The redemption date was extended to 30.06.2024 through an Amendment Deed and subsequent extension letters.
Vatika Limited failed to continue servicing quarterly coupon interest and made no interest payments after 15.06.2022.
IDBI Trusteeship Services Limited issued demand notices on 01.09.2023 and 29.12.2023, demanding outstanding quarterly interest.
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IDBI Trusteeship…
The Adjudicating Authority admitted the…
IDBI Trusteeship Services Limited, acting as a Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Vatika Limited, the Corporate Debtor, due to defaults in payment of Non-Convertible Debentures (NCDs).
IDBI Trusteeship Services Limited filed a petition under Section 7 of the IBC to initiate CIRP against Vatika Limited.
Vatika Limited issued 1,460 fully secured, unlisted, redeemable Non-Convertible Debentures (NCDs) of face value ₹10,00,000 each, aggregating to ₹146 crore.
The initial contractual tenure of the NCDs was 48 months, with the redemption date originally falling due on 30.06.2021.
The redemption date was extended to 30.06.2024 through an Amendment Deed and subsequent extension letters.
Vatika Limited failed to continue servicing quarterly coupon interest and made no interest payments after 15.06.2022.
IDBI Trusteeship Services Limited issued demand notices on 01.09.2023 and 29.12.2023, demanding outstanding quarterly interest.
…IDBI Trusteeship…
The Adjudicating Authority admitted the…