This case involves a petition filed by Axis Trustee Services Limited, acting as the Debenture Trustee for Blacksoil Capital Private Limited and Blacksoil India Credit Fund, against Redkenko Health Tech Private Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petition pertains to the Corporate Debtor's failure to comply with material financial covenants as per the Debenture Trust and Hypothecation Deed, specifically regarding the disbursal of 200 debentures with a face value of Rs. 5,00,000 each, totaling Rs. 10,00,00,000. The Financial Creditor seeks to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor.
Axis Trustee Services Limited, acting as the Debenture Trustee for Blacksoil Capital Private Limited and Blacksoil India Credit Fund, filed a petition against Redkenko Health Tech Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petition was filed due to the Corporate Debtor's failure to comply with financial covenants related to a Debenture Trust and Hypothecation Deed. The Corporate Debtor had issued 200 debentures with a face value of Rs. 5,00,000 each, totaling Rs. 10,00,00,000. The Financial Creditors disbursed Rs. 10,00,00,000 to the Corporate Debtor. The Corporate Debtor defaulted on payments, leading to an aggregate amount of Rs. 5,65,35,993 outstanding as of May 2024, including loan balance, interest, default interest, and
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Rs. 10,00,00,000 was…
This case involves a petition filed by Axis Trustee Services Limited, acting as the Debenture Trustee for Blacksoil Capital Private Limited and Blacksoil India Credit Fund, against Redkenko Health Tech Private Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petition pertains to the Corporate Debtor's failure to comply with material financial covenants as per the Debenture Trust and Hypothecation Deed, specifically regarding the disbursal of 200 debentures with a face value of Rs. 5,00,000 each, totaling Rs. 10,00,00,000. The Financial Creditor seeks to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor.
Axis Trustee Services Limited, acting as the Debenture Trustee for Blacksoil Capital Private Limited and Blacksoil India Credit Fund, filed a petition against Redkenko Health Tech Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petition was filed due to the Corporate Debtor's failure to comply with financial covenants related to a Debenture Trust and Hypothecation Deed. The Corporate Debtor had issued 200 debentures with a face value of Rs. 5,00,000 each, totaling Rs. 10,00,00,000. The Financial Creditors disbursed Rs. 10,00,00,000 to the Corporate Debtor. The Corporate Debtor defaulted on payments, leading to an aggregate amount of Rs. 5,65,35,993 outstanding as of May 2024, including loan balance, interest, default interest, and
…An Agreement was…
Rs. 10,00,00,000 was…