L&T Finance Limited, acting as the Financial Creditor, filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Tikona Infinet Private Limited, the Corporate Debtor. The petition was filed due to an alleged default in payment of coupons related to Series ‘E’ Compulsorily Convertible Debentures (CCDs). The total default amount claimed was Rs. 1,16,01,25,183 as of June 30, 2024. The Corporate Debtor contested the claim, arguing that the coupon payments were contingent upon the availability of Distributable Cash and that the Financial Creditor's status was more akin to an investor than a financial creditor.
L&T Finance Limited (Financial Creditor) filed a petition to initiate CIRP against Tikona Infinet Private Limited (Corporate Debtor) due to a default of Rs. 1,16,01,25,183 as of 30.06.2024. This default pertains to coupon payments on Series ‘E’ Compulsorily Convertible Debentures (CCDs). The petition was filed on 01.08.2024 under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Series ‘E’ CCDs were issued based on a Subscription Agreement (SSA) dated 28.08.2017 between L&T Infrastructure Finance Company Limited (predecessor-in-interest of the Financial Creditor) and the Corporate Debtor. The effective date as per SSA is 30.08.2018, making the coupon payment right commence from 30.08.2021. The Financial Creditor issued a Demand Notice on 04.03.2024 for
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L&T Finance Limited, acting as the Financial Creditor, filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Tikona Infinet Private Limited, the Corporate Debtor. The petition was filed due to an alleged default in payment of coupons related to Series ‘E’ Compulsorily Convertible Debentures (CCDs). The total default amount claimed was Rs. 1,16,01,25,183 as of June 30, 2024. The Corporate Debtor contested the claim, arguing that the coupon payments were contingent upon the availability of Distributable Cash and that the Financial Creditor's status was more akin to an investor than a financial creditor.
L&T Finance Limited (Financial Creditor) filed a petition to initiate CIRP against Tikona Infinet Private Limited (Corporate Debtor) due to a default of Rs. 1,16,01,25,183 as of 30.06.2024. This default pertains to coupon payments on Series ‘E’ Compulsorily Convertible Debentures (CCDs). The petition was filed on 01.08.2024 under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Series ‘E’ CCDs were issued based on a Subscription Agreement (SSA) dated 28.08.2017 between L&T Infrastructure Finance Company Limited (predecessor-in-interest of the Financial Creditor) and the Corporate Debtor. The effective date as per SSA is 30.08.2018, making the coupon payment right commence from 30.08.2021. The Financial Creditor issued a Demand Notice on 04.03.2024 for
…SSA was entered into between L&T…
The effective date as…