IDBI Trusteeship Services Limited, acting as the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Ashiana Landcraft Realty, the Corporate Debtor, for initiation of the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed that the Corporate Debtor had defaulted on payments related to non-convertible debentures (NCDs) and optionally convertible debentures (OCDs). The Corporate Debtor contested the application, citing defects, alleged breaches of settlement terms, and malicious intent. The Corporate Debtor argued that the application was not maintainable and that there was no actual default.
IDBI Trusteeship Services Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Ashiana Landcraft Realty, claiming a default on non-convertible and optionally convertible debentures. Ashiana Landcraft Realty issued NCDs and OCDs, a portion of which was acquired by IIFL Income Opportunities Fund Series. IDBI Trusteeship Services was appointed as the Debenture Trustee. The Corporate Debtor sought extensions for redemption, which were initially granted. However, the Corporate Debtor defaulted on repayment by February 28, 2019, leading the Financial Creditor to issue notices in September and November 2019. The total default claimed was Rs. 139,99,00,000/- as of February 15, 2020. Ashiana Landcraft Realty acquired development
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Ashiana Landcraft…
Debenture Trustee…
IDBI Trusteeship Services Limited, acting as the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Ashiana Landcraft Realty, the Corporate Debtor, for initiation of the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed that the Corporate Debtor had defaulted on payments related to non-convertible debentures (NCDs) and optionally convertible debentures (OCDs). The Corporate Debtor contested the application, citing defects, alleged breaches of settlement terms, and malicious intent. The Corporate Debtor argued that the application was not maintainable and that there was no actual default.
IDBI Trusteeship Services Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Ashiana Landcraft Realty, claiming a default on non-convertible and optionally convertible debentures. Ashiana Landcraft Realty issued NCDs and OCDs, a portion of which was acquired by IIFL Income Opportunities Fund Series. IDBI Trusteeship Services was appointed as the Debenture Trustee. The Corporate Debtor sought extensions for redemption, which were initially granted. However, the Corporate Debtor defaulted on repayment by February 28, 2019, leading the Financial Creditor to issue notices in September and November 2019. The total default claimed was Rs. 139,99,00,000/- as of February 15, 2020. Ashiana Landcraft Realty acquired development
…Ashiana Landcraft…
Debenture Trustee…