This case involves an application filed by Beacon Trusteeship Limited, the Applicant (Financial Creditor), under Section 7 of the Insolvency and Bankruptcy Code, 2016, for initiating Corporate Insolvency Resolution Process (CIRP) against Transcon Buildcon Private Limited, the Corporate Debtor (CD). The application is based on the CD's failure to repay outstanding amounts related to debentures.
Beacon Trusteeship Limited filed an application under Section 7 of the IBC to initiate CIRP against Transcon Buildcon Private Limited.
The application was filed due to the Corporate Debtor's failure to repay outstanding amounts related to debentures.
The Corporate Debtor argued that the default was due to the failure of Dalmia Nisus to disburse the entire sanctioned facilities.
The Applicant argued that there was no obligation to disburse the entire amount and that the CD had defaulted on its repayment obligations.
The Tribunal found that the Applicant had substantiated the existence of a financial debt due and payable by the CD.
The Tribunal admitted the application for CIRP against Transcon Buildcon Private Limited.
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Beacon Trusteeship…
This case involves an application filed by Beacon Trusteeship Limited, the Applicant (Financial Creditor), under Section 7 of the Insolvency and Bankruptcy Code, 2016, for initiating Corporate Insolvency Resolution Process (CIRP) against Transcon Buildcon Private Limited, the Corporate Debtor (CD). The application is based on the CD's failure to repay outstanding amounts related to debentures.
Beacon Trusteeship Limited filed an application under Section 7 of the IBC to initiate CIRP against Transcon Buildcon Private Limited.
The application was filed due to the Corporate Debtor's failure to repay outstanding amounts related to debentures.
The Corporate Debtor argued that the default was due to the failure of Dalmia Nisus to disburse the entire sanctioned facilities.
The Applicant argued that there was no obligation to disburse the entire amount and that the CD had defaulted on its repayment obligations.
The Tribunal found that the Applicant had substantiated the existence of a financial debt due and payable by the CD.
The Tribunal admitted the application for CIRP against Transcon Buildcon Private Limited.
…DTD executed between Transcon Skycity Private…
Beacon Trusteeship…