ASK Trusteeship Services Private Limited, acting as the Applicant/Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Nobility Estates Pvt. Ltd, the Respondent/Corporate Debtor. The application was filed on 2023-05-25, seeking a declaration of moratorium and appointment of an Interim Resolution Professional (IRP). The Corporate Debtor was incorporated on 2014-01-02 and is involved in real estate activities. The Applicant claimed default based on a Debenture Subscription Agreement (DSA) where the Respondent failed to redeem Optionally Convertible Debentures (OCDs) even after a revised redemption date.
ASK Trusteeship Services Private Limited (Applicant) filed an application under Section 7 of the IBC, 2016 against Nobility Estates Pvt. Ltd (Respondent/Corporate Debtor) to initiate CIRP. The Corporate Debtor was incorporated on 2014-01-02 and is involved in real estate activities. The Applicant and Respondent entered into a Debenture Subscription Agreement (DSA) dated 2015-07-10, where the Applicant subscribed to debentures issued by the Respondent. The Applicant disbursed Rs. 40,00,00,000/- on 2015-10-07, Rs. 25,00,00,000/- on 2015-11-03, and Rs. 60,00,00,000/- on 2016-03-22, totaling Rs. 125,00,00,000/- in Optionally Convertible Debentures (OCDs). The Respondent was required to make annual interest/coupon payments and redeem the OCDs within 5 years, i.e., by
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Nobility Estat…
ASK Trusteeship Services Private Limited and…
ASK Trusteeship Services Private Limited, acting as the Applicant/Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Nobility Estates Pvt. Ltd, the Respondent/Corporate Debtor. The application was filed on 2023-05-25, seeking a declaration of moratorium and appointment of an Interim Resolution Professional (IRP). The Corporate Debtor was incorporated on 2014-01-02 and is involved in real estate activities. The Applicant claimed default based on a Debenture Subscription Agreement (DSA) where the Respondent failed to redeem Optionally Convertible Debentures (OCDs) even after a revised redemption date.
ASK Trusteeship Services Private Limited (Applicant) filed an application under Section 7 of the IBC, 2016 against Nobility Estates Pvt. Ltd (Respondent/Corporate Debtor) to initiate CIRP. The Corporate Debtor was incorporated on 2014-01-02 and is involved in real estate activities. The Applicant and Respondent entered into a Debenture Subscription Agreement (DSA) dated 2015-07-10, where the Applicant subscribed to debentures issued by the Respondent. The Applicant disbursed Rs. 40,00,00,000/- on 2015-10-07, Rs. 25,00,00,000/- on 2015-11-03, and Rs. 60,00,00,000/- on 2016-03-22, totaling Rs. 125,00,00,000/- in Optionally Convertible Debentures (OCDs). The Respondent was required to make annual interest/coupon payments and redeem the OCDs within 5 years, i.e., by
…Nobility Estat…
ASK Trusteeship Services Private Limited and…