Vistra ITCL (India) Limited, the Financial Creditor, filed a company petition seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Aaditri Construction Private Limited, the Corporate Debtor, alleging default in payment. The petition was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The Corporate Debtor allegedly failed to pay Rs. 864,38,82,771/-. The Corporate Debtor opposed the admission, claiming the Financial Creditor did not disburse the entire debenture subscription amount as per the Debenture Trust Deed, causing breach and default.
Vistra ITCL (India) Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Aaditri Construction Private Limited (Corporate Debtor). The Financial Creditor claimed that the Corporate Debtor defaulted on a payment of Rs. 864,38,82,771/-. A Debenture Trust Deed was executed between the parties, where the Corporate Debtor agreed to issue 3,95,00,000 secured optionally convertible debentures with a face value of Rs. 100 each, aggregating to Rs. 395,00,00,000/-. Out of this, Rs. 340,00,00,000/- was disbursed. The Corporate Debtor failed to fulfill the conditions of the Debenture Trust Deed and breached various undertakings. The Financial Creditor issued an EOD Notice calling upon the Corporate
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The Insolvency and Bankruptcy Code, 2016, came…
Vistra ITCL (India) Limited and Aaditri…
Vistra ITCL (India) Limited, the Financial Creditor, filed a company petition seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Aaditri Construction Private Limited, the Corporate Debtor, alleging default in payment. The petition was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The Corporate Debtor allegedly failed to pay Rs. 864,38,82,771/-. The Corporate Debtor opposed the admission, claiming the Financial Creditor did not disburse the entire debenture subscription amount as per the Debenture Trust Deed, causing breach and default.
Vistra ITCL (India) Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Aaditri Construction Private Limited (Corporate Debtor). The Financial Creditor claimed that the Corporate Debtor defaulted on a payment of Rs. 864,38,82,771/-. A Debenture Trust Deed was executed between the parties, where the Corporate Debtor agreed to issue 3,95,00,000 secured optionally convertible debentures with a face value of Rs. 100 each, aggregating to Rs. 395,00,00,000/-. Out of this, Rs. 340,00,00,000/- was disbursed. The Corporate Debtor failed to fulfill the conditions of the Debenture Trust Deed and breached various undertakings. The Financial Creditor issued an EOD Notice calling upon the Corporate
…The Insolvency and Bankruptcy Code, 2016, came…
Vistra ITCL (India) Limited and Aaditri…