The case pertains to a Company Petition (IB)-419(MB)/2023 filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Centbank Financial Services Limited ('Financial Creditor') against M/s Taquito Lease Operators Limited ('Corporate Debtor') for defaulting on a debt of ₹321,71,71,304.63 as of 31.03.2022. The Corporate Debtor had issued debentures and later requested a one-time restructuring, which was approved by the Debenture Holder. Despite the restructuring, the Corporate Debtor failed to meet its obligations, leading to a demand notice and subsequent recall of the entire loan. The Corporate Debtor admitted to the default but cited the impact of the Covid-19 pandemic on its business. The Financial Creditor then filed the petition to initiate the Corporate
…M/s Taquito Lease Operators Limited ('Corporate Debtor') is engaged in the business of building and procuring moveable and immovable fixed assets conducive to the retail business, and leases the assets on a long-term operating lease to companies in the retail sector. The Corporate Debtor issued and allotted 3000 secured, rated, redeemable, non-convertible debentures ('Debentures') each bearing a face value of INR 10,00,000 (Indian Rupees Ten Lakhs only), the aggregate nominal value being INR 300,00,00,000 (Indian Rupees Three Hundred Crores only) in 2018. Punjab National Bank ('Debenture Holder') subscribed to 2550 Debentures for an aggregate nominal value of INR 255,00,00,000. Centbank Financial Services Limited ('Financial Creditor') was appointed as the debenture
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Punjab National Bank subscribed to 2550…
Debenture Trustee Agreement executed between…
The case pertains to a Company Petition (IB)-419(MB)/2023 filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Centbank Financial Services Limited ('Financial Creditor') against M/s Taquito Lease Operators Limited ('Corporate Debtor') for defaulting on a debt of ₹321,71,71,304.63 as of 31.03.2022. The Corporate Debtor had issued debentures and later requested a one-time restructuring, which was approved by the Debenture Holder. Despite the restructuring, the Corporate Debtor failed to meet its obligations, leading to a demand notice and subsequent recall of the entire loan. The Corporate Debtor admitted to the default but cited the impact of the Covid-19 pandemic on its business. The Financial Creditor then filed the petition to initiate the Corporate
…M/s Taquito Lease Operators Limited ('Corporate Debtor') is engaged in the business of building and procuring moveable and immovable fixed assets conducive to the retail business, and leases the assets on a long-term operating lease to companies in the retail sector. The Corporate Debtor issued and allotted 3000 secured, rated, redeemable, non-convertible debentures ('Debentures') each bearing a face value of INR 10,00,000 (Indian Rupees Ten Lakhs only), the aggregate nominal value being INR 300,00,00,000 (Indian Rupees Three Hundred Crores only) in 2018. Punjab National Bank ('Debenture Holder') subscribed to 2550 Debentures for an aggregate nominal value of INR 255,00,00,000. Centbank Financial Services Limited ('Financial Creditor') was appointed as the debenture
…Punjab National Bank subscribed to 2550…
Debenture Trustee Agreement executed between…