IIFCL Asset Management Company Limited, the Applicant/Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Mission Holdings Private Limited, the Respondent/Corporate Debtor. The Corporate Debtor had provided a corporate guarantee to secure facilities availed by Feedback Infra Private Limited from the Applicant. The Applicant issued Non-Convertible Debentures (NCDs) for a value of Rs. 30 Crores. The Debentures were to be redeemed in three installments. The Borrower failed to maintain the Debt Service Reserve Account and did not make payments against the redemption of NCDs. The Applicant issued notices of default. The Respondent contended that the
…IIFCL Asset Management Company Limited (Applicant) sought to initiate CIRP against Mission Holdings Private Limited (Corporate Debtor) under Section 7 of the IBC, 2016. The Corporate Debtor had furnished a corporate guarantee to secure facilities availed by Feedback Infra Private Limited (Borrower) from the Applicant. The Applicant issued Non-Convertible Debentures (NCDs) for Rs. 30 Crores. The NCDs were to be redeemed in three installments. The Borrower failed to maintain the Debt Service Reserve Account and did not make payments against the redemption of NCDs on 20.12.2020, 20.12.2021 and 20.12.2022. The Applicant issued a Notice of Default dated 29.12.2021. The Corporate Debtor argued that the application was barred by Section 10A of the IBC, 2016, as the default
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Mission Holdings…
Borrower proposed to issue 300 listed and…
IIFCL Asset Management Company Limited, the Applicant/Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Mission Holdings Private Limited, the Respondent/Corporate Debtor. The Corporate Debtor had provided a corporate guarantee to secure facilities availed by Feedback Infra Private Limited from the Applicant. The Applicant issued Non-Convertible Debentures (NCDs) for a value of Rs. 30 Crores. The Debentures were to be redeemed in three installments. The Borrower failed to maintain the Debt Service Reserve Account and did not make payments against the redemption of NCDs. The Applicant issued notices of default. The Respondent contended that the
…IIFCL Asset Management Company Limited (Applicant) sought to initiate CIRP against Mission Holdings Private Limited (Corporate Debtor) under Section 7 of the IBC, 2016. The Corporate Debtor had furnished a corporate guarantee to secure facilities availed by Feedback Infra Private Limited (Borrower) from the Applicant. The Applicant issued Non-Convertible Debentures (NCDs) for Rs. 30 Crores. The NCDs were to be redeemed in three installments. The Borrower failed to maintain the Debt Service Reserve Account and did not make payments against the redemption of NCDs on 20.12.2020, 20.12.2021 and 20.12.2022. The Applicant issued a Notice of Default dated 29.12.2021. The Corporate Debtor argued that the application was barred by Section 10A of the IBC, 2016, as the default
…Mission Holdings…
Borrower proposed to issue 300 listed and…