The case involves 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”). The Financial Creditor initiated the Corporate Insolvency Resolution Process (“CIRP”) due to the Corporate Debtor's default in repaying an amount 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 fulfill its obligations, leading to the issuance of a demand notice and subsequent recall of the entire loan amount.
Centbank Financial Services Limited, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against M/s Taquito Lease Operators Limited, the Corporate Debtor, due to a default of ₹321,71,71,304.63 as of 31.03.2022. The Corporate Debtor had issued 3000 secured, rated, redeemable, non-convertible debentures in 2018, each with a face value of INR 10,00,000. Punjab National Bank subscribed to 2550 debentures. Centbank Financial Services Limited was appointed as the debenture trustee. Due to failure to pay the debt, the Corporate Debtor requested a one-time restructuring, which was approved, and a restructuring sanction letter was issued on 16.06.2021. Despite the restructuring, the Corporate Debtor failed to
…Sign in to view the parties.
Punjab National Bank subscribed to 2550…
Debenture Trustee Agreement executed between…
The case involves 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”). The Financial Creditor initiated the Corporate Insolvency Resolution Process (“CIRP”) due to the Corporate Debtor's default in repaying an amount 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 fulfill its obligations, leading to the issuance of a demand notice and subsequent recall of the entire loan amount.
Centbank Financial Services Limited, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against M/s Taquito Lease Operators Limited, the Corporate Debtor, due to a default of ₹321,71,71,304.63 as of 31.03.2022. The Corporate Debtor had issued 3000 secured, rated, redeemable, non-convertible debentures in 2018, each with a face value of INR 10,00,000. Punjab National Bank subscribed to 2550 debentures. Centbank Financial Services Limited was appointed as the debenture trustee. Due to failure to pay the debt, the Corporate Debtor requested a one-time restructuring, which was approved, and a restructuring sanction letter was issued on 16.06.2021. Despite the restructuring, the Corporate Debtor failed to
…Punjab National Bank subscribed to 2550…
Debenture Trustee Agreement executed between…