The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by Assets Care & Reconstruction Enterprise Limited (Financial Creditor) against Rajesh Cityspaces Private Limited (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP) due to a default in repayment of outstanding debt amounting to INR 37,46,19,798/- as of June 30, 2022. The Corporate Debtor, part of the Rajesh Group, had executed a Debt Term Sheet with Altico Capital India Limited in 2018 for financing projects, including the Kailash Niwas project. A loan facility of Rs. 1,135 crores was to be availed through Non-Convertible Debentures. Vistra ITCL was appointed as the trustee. The Corporate Debtor argued that Altico committed fraud by
…On March 1, 2018, Rajesh Cityspaces Private Limited (Corporate Debtor), along with other group entities, executed a Debt Term Sheet with Altico Capital India Limited ('Altico') for financing projects, including Kailash Niwas. The loan facility was for Rs. 1,135 crores through Non-Convertible Debentures. Vistra ITCL was appointed as the trustee. A Debenture Trust Deed was executed on March 19, 2018. Altico was obligated to pay the subscription amount to Rajesh Group within 5 days of a draw-down request. Altico partly rendered financial assistance. Altico issued a Notice of Payment Default on November 7, 2019, for Rs. 1,18,97,478/-. On March 4, 2021, Altico assigned the credit facilities to the Financial Creditor. The Financial Creditor issued a demand letter on August
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The Corporate Debtor and its group entities…
Debenture Trust Deed…
The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by Assets Care & Reconstruction Enterprise Limited (Financial Creditor) against Rajesh Cityspaces Private Limited (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP) due to a default in repayment of outstanding debt amounting to INR 37,46,19,798/- as of June 30, 2022. The Corporate Debtor, part of the Rajesh Group, had executed a Debt Term Sheet with Altico Capital India Limited in 2018 for financing projects, including the Kailash Niwas project. A loan facility of Rs. 1,135 crores was to be availed through Non-Convertible Debentures. Vistra ITCL was appointed as the trustee. The Corporate Debtor argued that Altico committed fraud by
…On March 1, 2018, Rajesh Cityspaces Private Limited (Corporate Debtor), along with other group entities, executed a Debt Term Sheet with Altico Capital India Limited ('Altico') for financing projects, including Kailash Niwas. The loan facility was for Rs. 1,135 crores through Non-Convertible Debentures. Vistra ITCL was appointed as the trustee. A Debenture Trust Deed was executed on March 19, 2018. Altico was obligated to pay the subscription amount to Rajesh Group within 5 days of a draw-down request. Altico partly rendered financial assistance. Altico issued a Notice of Payment Default on November 7, 2019, for Rs. 1,18,97,478/-. On March 4, 2021, Altico assigned the credit facilities to the Financial Creditor. The Financial Creditor issued a demand letter on August
…The Corporate Debtor and its group entities…
Debenture Trust Deed…