The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by India Asset Growth Fund and Vistra (ITCL) India Limited, the Financial Creditors, to initiate the Corporate Insolvency Resolution Process (CIRP) against Vikram Structures Private Limited, the Corporate Debtor, due to a default in payment. The Financial Creditors had provided financial assistance to the Corporate Debtor through secured, unlisted, redeemable non-convertible debentures. The Corporate Debtor defaulted on payments, leading to the invocation of a corporate guarantee. A previous settlement attempt failed, leading to the restoration of the CIRP application.
India Asset Growth Fund and Vistra (ITCL) India Limited, the Financial Creditors, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate the Corporate Insolvency Resolution Process (CIRP) against Vikram Structures Private Limited, the Corporate Debtor. The Corporate Debtor was incorporated on 29.04.2008. The Financial Creditor No.1 is a trust established as per the provisions of the Indian Trust Act, 1882 and registered as Category II AIF under SEBI (Alternative Investment Funds) Regulations 2012. The Corporate Debtor defaulted on a payment of Rs.31,81,30,887/- as on 31.12.2016. The Borrower Company issued 2200 senior, secured, redeemable, unlisted non-convertible debentures having a face value of Rs.1,00,000/- each aggregating
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Financial Creditor No.1 subscribed to the NCDs…
The Corporate Debtor executed the Deed of…
The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by India Asset Growth Fund and Vistra (ITCL) India Limited, the Financial Creditors, to initiate the Corporate Insolvency Resolution Process (CIRP) against Vikram Structures Private Limited, the Corporate Debtor, due to a default in payment. The Financial Creditors had provided financial assistance to the Corporate Debtor through secured, unlisted, redeemable non-convertible debentures. The Corporate Debtor defaulted on payments, leading to the invocation of a corporate guarantee. A previous settlement attempt failed, leading to the restoration of the CIRP application.
India Asset Growth Fund and Vistra (ITCL) India Limited, the Financial Creditors, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate the Corporate Insolvency Resolution Process (CIRP) against Vikram Structures Private Limited, the Corporate Debtor. The Corporate Debtor was incorporated on 29.04.2008. The Financial Creditor No.1 is a trust established as per the provisions of the Indian Trust Act, 1882 and registered as Category II AIF under SEBI (Alternative Investment Funds) Regulations 2012. The Corporate Debtor defaulted on a payment of Rs.31,81,30,887/- as on 31.12.2016. The Borrower Company issued 2200 senior, secured, redeemable, unlisted non-convertible debentures having a face value of Rs.1,00,000/- each aggregating
…Financial Creditor No.1 subscribed to the NCDs…
The Corporate Debtor executed the Deed of…