Waaree Energies Limited filed I.A. 2068/2023 under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, challenging the rejection of its claim by the Resolution Professional/Respondent. Waaree sought the setting aside of the order dated 06.01.2023, which rejected its claim, and recognition as a Financial Creditor. They also requested that the Resolution Professional allow them a seat in the CoC and participation in CoC meetings with full rights under the IBC, 2016. The applicant had filed a claim for Rs. 21,45,42,466/- in Form-C, which was rejected. The applicant had invested Rs. 10 crore in Compulsory Convertible Debentures based on a Debenture Subscription Agreement (DSA) with the Corporate Debtor. Upon maturity, the applicant was entitled to convert the
…Indian Renewable Energy Development Agency Ltd. initiated Corporate Insolvency Resolution Process (CIRP) against M/s Taxus Infrastructure and Power Projects Pvt. Ltd. Waaree Energies Limited, claiming to be a financial creditor, filed a claim of Rs. 21,45,42,466/- which was rejected by the Resolution Professional (RP), Mr. Darshan Singh Anand. Waaree Energies Limited had invested Rs. 10 crore in Compulsory Convertible Debentures (CCDs) of Taxus Infrastructure based on a Debenture Subscription Agreement (DSA) dated 16.10.2012. The DSA stipulated that the CCDs were to be converted into equity within 65 months from the date of allotment. The DSA also included a clause stating that failure to convert the CCDs would constitute an event of default, entitling Waaree Energies
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Corporate Debtor executed an unconditional…
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Waaree Energies Limited filed I.A. 2068/2023 under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, challenging the rejection of its claim by the Resolution Professional/Respondent. Waaree sought the setting aside of the order dated 06.01.2023, which rejected its claim, and recognition as a Financial Creditor. They also requested that the Resolution Professional allow them a seat in the CoC and participation in CoC meetings with full rights under the IBC, 2016. The applicant had filed a claim for Rs. 21,45,42,466/- in Form-C, which was rejected. The applicant had invested Rs. 10 crore in Compulsory Convertible Debentures based on a Debenture Subscription Agreement (DSA) with the Corporate Debtor. Upon maturity, the applicant was entitled to convert the
…Indian Renewable Energy Development Agency Ltd. initiated Corporate Insolvency Resolution Process (CIRP) against M/s Taxus Infrastructure and Power Projects Pvt. Ltd. Waaree Energies Limited, claiming to be a financial creditor, filed a claim of Rs. 21,45,42,466/- which was rejected by the Resolution Professional (RP), Mr. Darshan Singh Anand. Waaree Energies Limited had invested Rs. 10 crore in Compulsory Convertible Debentures (CCDs) of Taxus Infrastructure based on a Debenture Subscription Agreement (DSA) dated 16.10.2012. The DSA stipulated that the CCDs were to be converted into equity within 65 months from the date of allotment. The DSA also included a clause stating that failure to convert the CCDs would constitute an event of default, entitling Waaree Energies
…Corporate Debtor executed an unconditional…
Applicant demanded…