Vision Multiplex Private Limited, the Applicant/Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Starlite Builders Private Limited, the Respondent/Corporate Debtor. The application pertains to a default on debentures issued by the Respondent to the Applicant. The Respondent issued debentures to the applicant, and the applicant claimed default in repayment of principal and interest. The applicant had previously filed an application under Section 7 of the IBC, 2016, which was dismissed because it was based solely on interest that had accrued
…Vision Multiplex Private Limited (Applicant/Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Starlite Builders Private Limited (Respondent/Corporate Debtor). The application is based on the Respondent's default on debentures issued to the Applicant. The Respondent issued 4,00,000 debentures on March 31, 2011, with a face value of Rs. 10/- and a security premium of Rs. 990/- per debenture, totaling Rs. 1000/- per debenture. The debentures were issued under a Debenture Certificate dated April 13, 2021. The terms and conditions of the debentures were mutually revised to carry an interest/coupon rate of 6% p.a., payable at the end of every quarter
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Starlite Builders…
4,00,000 Debentures were…
Vision Multiplex Private Limited, the Applicant/Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Starlite Builders Private Limited, the Respondent/Corporate Debtor. The application pertains to a default on debentures issued by the Respondent to the Applicant. The Respondent issued debentures to the applicant, and the applicant claimed default in repayment of principal and interest. The applicant had previously filed an application under Section 7 of the IBC, 2016, which was dismissed because it was based solely on interest that had accrued
…Vision Multiplex Private Limited (Applicant/Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Starlite Builders Private Limited (Respondent/Corporate Debtor). The application is based on the Respondent's default on debentures issued to the Applicant. The Respondent issued 4,00,000 debentures on March 31, 2011, with a face value of Rs. 10/- and a security premium of Rs. 990/- per debenture, totaling Rs. 1000/- per debenture. The debentures were issued under a Debenture Certificate dated April 13, 2021. The terms and conditions of the debentures were mutually revised to carry an interest/coupon rate of 6% p.a., payable at the end of every quarter
…Starlite Builders…
4,00,000 Debentures were…