Beacon Trusteeship Limited, acting as the Debenture Trustee for various Debenture Holders of Radius Estates and Developers Private Limited (Corporate Debtor), filed an application seeking re-classification from a 'Financial Creditor' to a 'Homebuyer/Allottee/Financial Creditor in a Class' in the ongoing Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor. The applicant claimed that due to an error, it had initially filed its claim as a Financial Creditor, whereas it should have been classified as a Homebuyer because the Corporate Debtor had transferred mortgaged premises to the applicant under an English Mortgage.
In 2016, Radius Estates and Developers Private Limited (Corporate Debtor) and MIG (Bandra) Realtors and Builders Private Limited jointly undertook a residential project. Beacon Trusteeship Limited, acting as a Debenture Trustee, entered into a Debenture Trust Deed (DTD) with the Corporate Debtor on August 8, 2017, where the Corporate Debtor agreed to issue 250 debentures aggregating to Rs. 25,00,00,000/-. The debentures were secured by an English Mortgage over 8 residential flats and other security documents. The Corporate Debtor failed to comply with its financial obligations under the DTD, leading to dishonored cheques and proceedings under Section 138 of the Negotiable Instruments Act, 1881. The Corporate Debtor was admitted into CIRP on April 30, 2021. Beacon
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Corporate Debtor and MIG (Bandra) Realtors and…
Debenture Trust Deed (DTD) was entered between…
Beacon Trusteeship Limited, acting as the Debenture Trustee for various Debenture Holders of Radius Estates and Developers Private Limited (Corporate Debtor), filed an application seeking re-classification from a 'Financial Creditor' to a 'Homebuyer/Allottee/Financial Creditor in a Class' in the ongoing Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor. The applicant claimed that due to an error, it had initially filed its claim as a Financial Creditor, whereas it should have been classified as a Homebuyer because the Corporate Debtor had transferred mortgaged premises to the applicant under an English Mortgage.
In 2016, Radius Estates and Developers Private Limited (Corporate Debtor) and MIG (Bandra) Realtors and Builders Private Limited jointly undertook a residential project. Beacon Trusteeship Limited, acting as a Debenture Trustee, entered into a Debenture Trust Deed (DTD) with the Corporate Debtor on August 8, 2017, where the Corporate Debtor agreed to issue 250 debentures aggregating to Rs. 25,00,00,000/-. The debentures were secured by an English Mortgage over 8 residential flats and other security documents. The Corporate Debtor failed to comply with its financial obligations under the DTD, leading to dishonored cheques and proceedings under Section 138 of the Negotiable Instruments Act, 1881. The Corporate Debtor was admitted into CIRP on April 30, 2021. Beacon
…Corporate Debtor and MIG (Bandra) Realtors and…
Debenture Trust Deed (DTD) was entered between…