Orbis Trusteeship Services Private Limited, acting as a Debenture Trustee, filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate corporate insolvency resolution process (CIRP) against Nobal Buildtech Private Limited, the Corporate Debtor. The application stems from a default on financial facilities extended to Kindle Infraheights Private Limited (Principal Borrower) by Debenture Holders, for which Nobal Buildtech provided a corporate guarantee. The financial facility involved the issuance of Non-Convertible Debentures (NCDs). The Applicant contends that the Principal Borrower failed to repay the outstanding debt liabilities, leading to the invocation of the corporate guarantee against Nobal Buildtech.
1. Orbis Trusteeship Services Private Limited, acting as a Debenture Trustee for Asia Pragati Strategic Investment Fund (Debenture Holder), filed a petition to initiate CIRP against Nobal Buildtech Private Limited (Corporate Debtor) under Section 7 of IBC, 2016.
2. The Debenture Holder extended financial facilities to Kindle Infraheights Private Limited (Principal Borrower) for real estate development.
3. The Principal Borrower availed a financial facility of Rs. 130 crores through the issuance of Non-Convertible Debentures (NCD 1), documented in a Debenture Trust Deed dated 2019-06-28, later amended on 2020-09-30.
4. An additional Rs. 6 crore was provided as another tranche (NCD 2), recorded in a Debenture Trust Deed dated 2021-02-25.
5. Nobal Buildtech provided a
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Debenture Trust Deed…
The Debenture Trust Deed…
Orbis Trusteeship Services Private Limited, acting as a Debenture Trustee, filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate corporate insolvency resolution process (CIRP) against Nobal Buildtech Private Limited, the Corporate Debtor. The application stems from a default on financial facilities extended to Kindle Infraheights Private Limited (Principal Borrower) by Debenture Holders, for which Nobal Buildtech provided a corporate guarantee. The financial facility involved the issuance of Non-Convertible Debentures (NCDs). The Applicant contends that the Principal Borrower failed to repay the outstanding debt liabilities, leading to the invocation of the corporate guarantee against Nobal Buildtech.
1. Orbis Trusteeship Services Private Limited, acting as a Debenture Trustee for Asia Pragati Strategic Investment Fund (Debenture Holder), filed a petition to initiate CIRP against Nobal Buildtech Private Limited (Corporate Debtor) under Section 7 of IBC, 2016.
2. The Debenture Holder extended financial facilities to Kindle Infraheights Private Limited (Principal Borrower) for real estate development.
3. The Principal Borrower availed a financial facility of Rs. 130 crores through the issuance of Non-Convertible Debentures (NCD 1), documented in a Debenture Trust Deed dated 2019-06-28, later amended on 2020-09-30.
4. An additional Rs. 6 crore was provided as another tranche (NCD 2), recorded in a Debenture Trust Deed dated 2021-02-25.
5. Nobal Buildtech provided a
Debenture Trust Deed…
The Debenture Trust Deed…