The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by Betoking Limited (Financial Creditor) against Eden Real Estates Private Limited (Corporate Debtor). Betoking Limited claims that Eden Real Estates Private Limited defaulted on interest payments related to Compulsorily Fully Convertible Debentures (CFCDs) subscribed by Betoking Limited. The Corporate Debtor, Eden Real Estates Private Limited, contests the application, arguing that Betoking Limited, being a majority shareholder and related party, is attempting to dissolve the company despite its ongoing real estate project and agreements that subordinated interest payments on CFCDs to bank loans. The Corporate Debtor alleges that Betoking Limited is acting against the
…Betoking Limited, a company registered in Cyprus, subscribed to Compulsorily Fully Convertible Debentures (CFCDs) of Eden Real Estates Private Limited, an Indian company, for a total sum of Rs. 29.76 crores between March 2007 and February 2009. The CFCDs carried an interest rate of 11% per annum, payable on March 31st of each year. Interest was paid until March 31, 2012, but not thereafter. The CFCDs were to be converted into equity shares 10 years after allotment. Eden Real Estates Private Limited applied to the Reserve Bank of India (RBI) for an extension of time to convert the CFCDs into shares, but the request was refused. Betoking Limited claimed that Rs. 11,57,60,463 was the amount of interest due on the CFCDs until March 31, 2018. Tax at source was deducted on
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Betoking Limited subscribes to Compulsorily…
Betoking Limited subscribes to Compulsorily…
The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by Betoking Limited (Financial Creditor) against Eden Real Estates Private Limited (Corporate Debtor). Betoking Limited claims that Eden Real Estates Private Limited defaulted on interest payments related to Compulsorily Fully Convertible Debentures (CFCDs) subscribed by Betoking Limited. The Corporate Debtor, Eden Real Estates Private Limited, contests the application, arguing that Betoking Limited, being a majority shareholder and related party, is attempting to dissolve the company despite its ongoing real estate project and agreements that subordinated interest payments on CFCDs to bank loans. The Corporate Debtor alleges that Betoking Limited is acting against the
…Betoking Limited, a company registered in Cyprus, subscribed to Compulsorily Fully Convertible Debentures (CFCDs) of Eden Real Estates Private Limited, an Indian company, for a total sum of Rs. 29.76 crores between March 2007 and February 2009. The CFCDs carried an interest rate of 11% per annum, payable on March 31st of each year. Interest was paid until March 31, 2012, but not thereafter. The CFCDs were to be converted into equity shares 10 years after allotment. Eden Real Estates Private Limited applied to the Reserve Bank of India (RBI) for an extension of time to convert the CFCDs into shares, but the request was refused. Betoking Limited claimed that Rs. 11,57,60,463 was the amount of interest due on the CFCDs until March 31, 2018. Tax at source was deducted on
…Betoking Limited subscribes to Compulsorily…
Betoking Limited subscribes to Compulsorily…