The case involves a Company Petition filed by Assets Care & Reconstruction Enterprise Ltd. (Financial Creditor) against Rajesh Buildspace Private Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The Financial Creditor's claim arises from a default in payment of interest on debentures issued by the Corporate Debtor under a Debenture Trust Deed (DTD) dated 19.03.2018. The Corporate Debtor contested the petition, raising issues regarding the threshold limit for initiating CIRP, non-registration of default with Information Utility, and the validity of debt assignment.
Assets Care & Reconstruction Enterprise Ltd. (Financial Creditor) filed a petition against Rajesh Buildspace Private Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate CIRP. The claim is based on a default in payment of interest on debentures issued by the Corporate Debtor under a Debenture Trust Deed (DTD) dated 19.03.2018. The Corporate Debtor issued non-convertible debentures worth INR 144 crores, with Altico Capital India Limited subscribing to INR 11 crores. Altico disbursed INR 11,27,72,500 to the Corporate Debtor. The interest period commenced from the date of allotment and ended on 30.06.2018. The Corporate Debtor allegedly defaulted on interest payments, leading Altico to issue a notice of payment
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Vistra ITCL (India) Limited entered into a…
The first interest…
The case involves a Company Petition filed by Assets Care & Reconstruction Enterprise Ltd. (Financial Creditor) against Rajesh Buildspace Private Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The Financial Creditor's claim arises from a default in payment of interest on debentures issued by the Corporate Debtor under a Debenture Trust Deed (DTD) dated 19.03.2018. The Corporate Debtor contested the petition, raising issues regarding the threshold limit for initiating CIRP, non-registration of default with Information Utility, and the validity of debt assignment.
Assets Care & Reconstruction Enterprise Ltd. (Financial Creditor) filed a petition against Rajesh Buildspace Private Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate CIRP. The claim is based on a default in payment of interest on debentures issued by the Corporate Debtor under a Debenture Trust Deed (DTD) dated 19.03.2018. The Corporate Debtor issued non-convertible debentures worth INR 144 crores, with Altico Capital India Limited subscribing to INR 11 crores. Altico disbursed INR 11,27,72,500 to the Corporate Debtor. The interest period commenced from the date of allotment and ended on 30.06.2018. The Corporate Debtor allegedly defaulted on interest payments, leading Altico to issue a notice of payment
…Vistra ITCL (India) Limited entered into a…
The first interest…