Catalyst Trusteeship Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Ecstasy Realty Private Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The petition was based on the alleged default in repayment of credit facilities availed by the Corporate Debtor. The Financial Creditor claimed a default of Rs. 1203,55,50,671/-, including principal and interest. The Corporate Debtor contested the application, arguing that there was no default as a moratorium had been granted by the Debenture Holders, and the debt was not due and payable.
Catalyst Trusteeship Limited, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Ecstasy Realty Private Limited, the Corporate Debtor, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed that the Corporate Debtor had defaulted on credit facilities amounting to Rs. 1203,55,50,671/-, including principal and interest. The Corporate Debtor had availed credit facilities of Rs. 600,00,00,000/- along with interest at 16% p.a. The Corporate Debtor proposed construction of a residential cum retail project. To meet the requirement of funds, the Corporate Debtor proposed to issue Debentures on the basis of private placement. A board Resolution dated 20.03.2018 and Special
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Ecstasy Realty Private…
Board Resolution and Special Resolution passed…
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Catalyst Trusteeship Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Ecstasy Realty Private Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The petition was based on the alleged default in repayment of credit facilities availed by the Corporate Debtor. The Financial Creditor claimed a default of Rs. 1203,55,50,671/-, including principal and interest. The Corporate Debtor contested the application, arguing that there was no default as a moratorium had been granted by the Debenture Holders, and the debt was not due and payable.
Catalyst Trusteeship Limited, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Ecstasy Realty Private Limited, the Corporate Debtor, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed that the Corporate Debtor had defaulted on credit facilities amounting to Rs. 1203,55,50,671/-, including principal and interest. The Corporate Debtor had availed credit facilities of Rs. 600,00,00,000/- along with interest at 16% p.a. The Corporate Debtor proposed construction of a residential cum retail project. To meet the requirement of funds, the Corporate Debtor proposed to issue Debentures on the basis of private placement. A board Resolution dated 20.03.2018 and Special
…Ecstasy Realty Private…
Board Resolution and Special Resolution passed…
Sign in to view related legal provisions.