The case involves an application filed by UTI Structured Debt Opportunities Fund-I against the Resolution Professional (RP) of Mercator Petroleum Limited, challenging the RP's re-verification and reduction of the applicant's financial debt claims from INR 2,57,84,25,381 to approximately INR 231 crores. The applicant, a financial services provider and Category II Alternate Investment Fund, had subscribed to debentures issued by Mercator Limited (ML), with Axis Trustee Services Limited as the Debenture Trustee. A corporate guarantee was executed by Mercator Petroleum Limited in favor of the applicant. ML defaulted on its obligations, leading the Debenture Trustee to call an event of default. The applicant lodged its claims, which were initially refused by the erstwhile
…UTI Structured Debt Opportunities Fund-I (Applicant) is a financial service provider and a Category II Alternate Investment Fund. Mercator Petroleum Limited (Corporate Debtor) is a subsidiary of Mercator Limited (ML), which is presently in CIRP and engaged in shipping and mercantile operations. The Applicant subscribed to debentures issued by ML. Axis Trustee Services Limited was appointed as the Debenture Trustee. A Deed of Corporate Guarantee was executed between the Corporate Debtor and the Debenture Trustee on March 26, 2018. ML defaulted on its obligations on October 1, 2019, leading the Debenture Trustee to call an event of default. The Corporate Debtor was admitted into CIRP on August 31, 2020. The Applicant lodged a claim of INR 2,57,84,25,381, which was
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A Deed of Corporate Guarantee was executed…
Mercator Ltd defaulted…
The case involves an application filed by UTI Structured Debt Opportunities Fund-I against the Resolution Professional (RP) of Mercator Petroleum Limited, challenging the RP's re-verification and reduction of the applicant's financial debt claims from INR 2,57,84,25,381 to approximately INR 231 crores. The applicant, a financial services provider and Category II Alternate Investment Fund, had subscribed to debentures issued by Mercator Limited (ML), with Axis Trustee Services Limited as the Debenture Trustee. A corporate guarantee was executed by Mercator Petroleum Limited in favor of the applicant. ML defaulted on its obligations, leading the Debenture Trustee to call an event of default. The applicant lodged its claims, which were initially refused by the erstwhile
…UTI Structured Debt Opportunities Fund-I (Applicant) is a financial service provider and a Category II Alternate Investment Fund. Mercator Petroleum Limited (Corporate Debtor) is a subsidiary of Mercator Limited (ML), which is presently in CIRP and engaged in shipping and mercantile operations. The Applicant subscribed to debentures issued by ML. Axis Trustee Services Limited was appointed as the Debenture Trustee. A Deed of Corporate Guarantee was executed between the Corporate Debtor and the Debenture Trustee on March 26, 2018. ML defaulted on its obligations on October 1, 2019, leading the Debenture Trustee to call an event of default. The Corporate Debtor was admitted into CIRP on August 31, 2020. The Applicant lodged a claim of INR 2,57,84,25,381, which was
…A Deed of Corporate Guarantee was executed…
Mercator Ltd defaulted…