The case involves an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, filed by Aadi Buildwell Private Limited (Applicant/Financial Creditor) against Focus Realcon Private Limited (Respondent/Corporate Debtor). The application pertains to the default in payment of interest on debentures issued by the Corporate Debtor. The Applicant seeks to initiate Corporate Insolvency Resolution Process (CIRP) based solely on the defaulted interest amount, without including the principal amount.
Aadi Buildwell Private Limited, the Applicant/Financial Creditor, filed a petition under Section 7 of the IBC against Focus Realcon Private Limited, the Respondent/Corporate Debtor, seeking to initiate CIRP. The petition was based on the default in payment of interest on debentures issued by the Corporate Debtor. The debenture certificate, issued on April 13, 2021, had a maturity date of March 31, 2026. The principal amount of the debt extended against the debentures was INR 74,00,00,000. The Applicant claimed a total amount of INR 3,16,88,220 as the interest amount in default, pertaining to three quarters of the financial year 2021-2022. The interest rate on the debentures was 6% per annum, payable quarterly. The Applicant argued that the interest amount alone could
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Debenture Certificate…
Interest o…
The case involves an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, filed by Aadi Buildwell Private Limited (Applicant/Financial Creditor) against Focus Realcon Private Limited (Respondent/Corporate Debtor). The application pertains to the default in payment of interest on debentures issued by the Corporate Debtor. The Applicant seeks to initiate Corporate Insolvency Resolution Process (CIRP) based solely on the defaulted interest amount, without including the principal amount.
Aadi Buildwell Private Limited, the Applicant/Financial Creditor, filed a petition under Section 7 of the IBC against Focus Realcon Private Limited, the Respondent/Corporate Debtor, seeking to initiate CIRP. The petition was based on the default in payment of interest on debentures issued by the Corporate Debtor. The debenture certificate, issued on April 13, 2021, had a maturity date of March 31, 2026. The principal amount of the debt extended against the debentures was INR 74,00,00,000. The Applicant claimed a total amount of INR 3,16,88,220 as the interest amount in default, pertaining to three quarters of the financial year 2021-2022. The interest rate on the debentures was 6% per annum, payable quarterly. The Applicant argued that the interest amount alone could
…Debenture Certificate…
Interest o…