Nippon Life India AIF Management Limited filed a company petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Lake District Really Private Limited, alleging default in payment. The petition was based on the corporate debtor's failure to pay Rs. 37,51,64,939 as of 2019-05-14. The financial creditor claimed a default of Rs. 78,19,90,685 due under non-convertible debentures (NCDs) issued by the corporate debtor pursuant to a Debenture Trust Deed (DTD) dated 2016-10-06. The corporate debtor opposed the petition, arguing that a similar petition had already been admitted against the corporate guarantor, Bharucha & Motivala Infrastructure Private Limited, and that the debenture
…Nippon Life India AIF Management Limited (the Petitioner) filed a petition to initiate Corporate Insolvency Resolution Process (CIRP) against Lake District Really Private Limited (the Corporate Debtor) due to a default in payment. The Corporate Debtor had issued non-convertible debentures (NCDs) pursuant to a Debenture Trust Deed (DTD) dated 2016-10-06. The total debt claimed was Rs. 78,19,90,685. The Corporate Debtor proposed to issue NCDs of nominal value of Rs. 20,000 each. The Petitioners held 100% of the NCDs issued by the Corporate Debtor. A sum of Rs. 29,25,00,000 was disbursed to the Corporate Debtor between 2016-10-14 and 2017-11-30. The Petitioners issued a notice dated 2018-04-06 to the Corporate Debtor noting various breaches under the DTD. The Corporate
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Date of the Debenture Trust Deed (DTD)…
First disbursement of…
Nippon Life India AIF Management Limited filed a company petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Lake District Really Private Limited, alleging default in payment. The petition was based on the corporate debtor's failure to pay Rs. 37,51,64,939 as of 2019-05-14. The financial creditor claimed a default of Rs. 78,19,90,685 due under non-convertible debentures (NCDs) issued by the corporate debtor pursuant to a Debenture Trust Deed (DTD) dated 2016-10-06. The corporate debtor opposed the petition, arguing that a similar petition had already been admitted against the corporate guarantor, Bharucha & Motivala Infrastructure Private Limited, and that the debenture
…Nippon Life India AIF Management Limited (the Petitioner) filed a petition to initiate Corporate Insolvency Resolution Process (CIRP) against Lake District Really Private Limited (the Corporate Debtor) due to a default in payment. The Corporate Debtor had issued non-convertible debentures (NCDs) pursuant to a Debenture Trust Deed (DTD) dated 2016-10-06. The total debt claimed was Rs. 78,19,90,685. The Corporate Debtor proposed to issue NCDs of nominal value of Rs. 20,000 each. The Petitioners held 100% of the NCDs issued by the Corporate Debtor. A sum of Rs. 29,25,00,000 was disbursed to the Corporate Debtor between 2016-10-14 and 2017-11-30. The Petitioners issued a notice dated 2018-04-06 to the Corporate Debtor noting various breaches under the DTD. The Corporate
…Date of the Debenture Trust Deed (DTD)…
First disbursement of…