The Administrator of Specified Undertaking of the Unit Trust of India (SUUTI) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s Usha India Limited, seeking initiation of Corporate Insolvency Proceedings. The application was filed on 2023-05-10, alleging default in payment of debentures issued by the Corporate Debtor. The Corporate Debtor had issued both secured and unsecured redeemable non-convertible debentures to raise capital in 1992, with UTI subscribing to a portion of these debentures. The Corporate Debtor defaulted on interest payments from July 1998, leading to the account being declared NPA on 1998-09-28. Despite recall notices and proceedings before the Debt Recovery Tribunal (DRT), the default continued. The

The Administrator of Specified Undertaking of the Unit Trust of India (SUUTI) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s Usha India Limited, seeking initiation of Corporate Insolvency Proceedings. The application was filed on 2023-05-10, alleging default in payment of debentures issued by the Corporate Debtor. The Corporate Debtor had issued both secured and unsecured redeemable non-convertible debentures to raise capital in 1992, with UTI subscribing to a portion of these debentures. The Corporate Debtor defaulted on interest payments from July 1998, leading to the account being declared NPA on 1998-09-28. Despite recall notices and proceedings before the Debt Recovery Tribunal (DRT), the default continued. The