The case involves an application filed by five financial creditors under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against DDK Infratech Private Limited, the Corporate Debtor. The financial creditors had invested in Non-Convertible Debentures (NCDs) issued by the Corporate Debtor. The Corporate Debtor defaulted on interest and principal payments. The Corporate Debtor filed an Interlocutory Application alleging perjury by the Financial Creditors and seeking dismissal of the company petition.
Five financial creditors jointly filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against DDK Infratech Private Limited. The financial creditors had invested a total of Rs. 1,31,00,000/- by subscribing to unlisted, unrated, secured, redeemable Non-Convertible Debentures (NCDs) issued by the Corporate Debtor. The Corporate Debtor defaulted on quarterly interest payments after the initial year 2016-17 and also defaulted on the repayment of the first installment of the principal amount of NCDs during the years 2018-19 and 2019-20. The total amount claimed by the financial creditors as of 31.10.2022 was Rs. 2,30,02,467/- inclusive of interest. The Corporate Debtor admitted to the
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Sri Girija Prasanna…
Nanda Paike Kumari…
The case involves an application filed by five financial creditors under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against DDK Infratech Private Limited, the Corporate Debtor. The financial creditors had invested in Non-Convertible Debentures (NCDs) issued by the Corporate Debtor. The Corporate Debtor defaulted on interest and principal payments. The Corporate Debtor filed an Interlocutory Application alleging perjury by the Financial Creditors and seeking dismissal of the company petition.
Five financial creditors jointly filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against DDK Infratech Private Limited. The financial creditors had invested a total of Rs. 1,31,00,000/- by subscribing to unlisted, unrated, secured, redeemable Non-Convertible Debentures (NCDs) issued by the Corporate Debtor. The Corporate Debtor defaulted on quarterly interest payments after the initial year 2016-17 and also defaulted on the repayment of the first installment of the principal amount of NCDs during the years 2018-19 and 2019-20. The total amount claimed by the financial creditors as of 31.10.2022 was Rs. 2,30,02,467/- inclusive of interest. The Corporate Debtor admitted to the
…Sri Girija Prasanna…
Nanda Paike Kumari…