The case involves an application filed by IDBI Trusteeship Services Limited, the Financial Creditor, against Tuscan Consultants and Developers Private Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed a total sum of Rs.212,31,79,848/- as the financial debt due and payable by the Corporate Debtor, stating that the default commenced from September 30, 2021, due to non-payment of principal and interest under a Loan Agreement. The Corporate Debtor was a guarantor for Ozone Projects Private Limited, the Principal Borrower, for debentures issued to Debenture Holders. The Principal Borrower defaulted on its obligations, leading to the
…IDBI Trusteeship Services Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Tuscan Consultants and Developers Private Limited (Corporate Debtor) to initiate Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed Rs.212,31,79,848/- as financial debt. The Corporate Debtor was a guarantor for Ozone Projects Private Limited (Principal Borrower) for debentures issued to Debenture Holders (India Bulls Real Estate Fund and Patni Healthcare Limited). The Principal Borrower defaulted on its obligations under a Debenture Trust Deed dated 29.06.2016, where 1,263 debentures, each with a face value of INR 10,00,000, totaling Rs.126,30,00,000, were issued. The redemption date was extended
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Corporate Guarantee Agreement executed by the…
Debenture Trust Deed executed between the…
The case involves an application filed by IDBI Trusteeship Services Limited, the Financial Creditor, against Tuscan Consultants and Developers Private Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed a total sum of Rs.212,31,79,848/- as the financial debt due and payable by the Corporate Debtor, stating that the default commenced from September 30, 2021, due to non-payment of principal and interest under a Loan Agreement. The Corporate Debtor was a guarantor for Ozone Projects Private Limited, the Principal Borrower, for debentures issued to Debenture Holders. The Principal Borrower defaulted on its obligations, leading to the
…IDBI Trusteeship Services Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Tuscan Consultants and Developers Private Limited (Corporate Debtor) to initiate Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed Rs.212,31,79,848/- as financial debt. The Corporate Debtor was a guarantor for Ozone Projects Private Limited (Principal Borrower) for debentures issued to Debenture Holders (India Bulls Real Estate Fund and Patni Healthcare Limited). The Principal Borrower defaulted on its obligations under a Debenture Trust Deed dated 29.06.2016, where 1,263 debentures, each with a face value of INR 10,00,000, totaling Rs.126,30,00,000, were issued. The redemption date was extended
…Corporate Guarantee Agreement executed by the…
Debenture Trust Deed executed between the…