Beacon Trusteeship Limited, acting as the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Nirmal Lifestyle (Mulund) Private Limited, the Corporate Debtor, due to an unresolved financial debt of Rs. 7,238,293,534.11. The debt arose from debentures issued under two Debenture Trust Deeds dated March 22, 2018, and March 28, 2018, to raise funds for the 'Olympia' project. The Corporate Debtor defaulted on redeeming these debentures.
Beacon Trusteeship Limited, the Financial Creditor, filed a petition to initiate CIRP against Nirmal Lifestyle (Mulund) Private Limited, the Corporate Debtor, under Section 7 of the IBC, claiming a debt of Rs. 7,238,293,534.11. This debt stemmed from debentures issued under two Debenture Trust Deeds (DTD 1 dated 22 March 2018 and DTD 2 dated 28 March 2018) to finance the 'Olympia' project in Mulund, developed by Nirmal Developers, where the Corporate Debtor holds a 99% partnership interest. The Corporate Debtor defaulted on debenture redemption on June 27, 2022, with Rs. 6,61,13,64,079.11 outstanding under DTD 1 and Rs. 62,69,29,455.00 under DTD 2. The Corporate Debtor argued that the debt was secured by mortgaged properties with a value exceeding the debt and cited a
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Beacon Trusteeship Limited, acting as the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Nirmal Lifestyle (Mulund) Private Limited, the Corporate Debtor, due to an unresolved financial debt of Rs. 7,238,293,534.11. The debt arose from debentures issued under two Debenture Trust Deeds dated March 22, 2018, and March 28, 2018, to raise funds for the 'Olympia' project. The Corporate Debtor defaulted on redeeming these debentures.
Beacon Trusteeship Limited, the Financial Creditor, filed a petition to initiate CIRP against Nirmal Lifestyle (Mulund) Private Limited, the Corporate Debtor, under Section 7 of the IBC, claiming a debt of Rs. 7,238,293,534.11. This debt stemmed from debentures issued under two Debenture Trust Deeds (DTD 1 dated 22 March 2018 and DTD 2 dated 28 March 2018) to finance the 'Olympia' project in Mulund, developed by Nirmal Developers, where the Corporate Debtor holds a 99% partnership interest. The Corporate Debtor defaulted on debenture redemption on June 27, 2022, with Rs. 6,61,13,64,079.11 outstanding under DTD 1 and Rs. 62,69,29,455.00 under DTD 2. The Corporate Debtor argued that the debt was secured by mortgaged properties with a value exceeding the debt and cited a
…Execution of Debenture…
Execution of Debenture…
Sign in to view related legal provisions.