9911796707
TMI Blog2019 (3) TMI 1336X X X X Extracts X X X X X X X X Extracts X X X X ..... nagers LLP & Anr. and Vista ITCL (India) Limited. (hereinafter called 'Petitioners') has sought the Corporate Insolvency Resolution Process of Rashmi Housing Private Limited (hereinafter called the 'Corporate Debtor') on the ground, that the Corporate Debtor committed default on 15.11.2017 to the extent of Rs. 26,23,91,596/-, under Section 7 of Insolvency and Bankruptcy Code, 2016 (hereafter called the 'Code') read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. 2. The first Petitioner is a trust established under the provisions of Indian Trust Act, 1882 and registered as a Category- II AIF under SEBI (Alternative Investment Fund) Regulations, 2012 and had invested in the Non Convertible de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (NCDs). The Petitioners enclosed the certificate of registration of charge by the Corporate Debtor under Section 77(1) and 78 of the Companies Act, 2013 read with sub-rule (1) of Rule 6 of the Companies (Registration of Charges) rules 2014 wherein the Corporate Debtor created charge in favour of the debenture trustee i.e the second applicant herein to secure the amount of Rs. 25 crores of debentures issued in favour of the first Petitioner in terms of Debenture Trust Deed dated 20.10.2015. 4. Further the Petitioner enclosed the following documents in support of the loan: 1. Copy of Pledge Agreement dated 26.10.2015. 2. Copy of Personal Guarantee executed by Ashok Bosamiya and Mahendra Bosamiya in favour of the Petitioner. 3. Copy o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... anager had given another notice reporting default in payment of the principal due of Rs. 3.125 crores due on 30.06.2017 and requested to make the payment at the earliest in order to avoid any consequence under the Debenture Document. On 08.06.2018 the Debenture Trustees issued a legal/ demand notice to the Corporate Debtor, guarantors etc. referring the Debenture Trust Deed dated 20.10.2015 calling upon them to pay immediately Rs. 19,47,16,154/- toward total overdue amount including interest and default interest within 7 days receipt of notice failing which Insolvency and Bankruptcy Proceedings will be initiated. The Corporate Debtor by its reply dated 17.07.2017 addressed to the Investment Manager and the Debenture Trustee stated that due ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rued Coupon and all other amounts accrued or outstanding under any other Transaction Documents be immediately due and payable, whereupon they shall become immediately due and payable; 22.2------ ----- ------22.18" 9. In view of the Clause 22 of Debenture Trust Deed cited supra, the Investment Manager at his sole discretion is entitled to declare that the whole of debenture outstanding become due and payable immediately and accordingly recalled the entire debentures' dues including interest and the same is in order. Accordingly the entire outstanding becomes due and since no payment was made, the Corporate Debtor committed default in repayment of the dues in respect of the debentures. Further during the hearing on 19.11.2018 the M ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... owner or lessor where such property is occupied by or in the possession of the Corporate Debtor. (II) That the supply of essential goods or services to the Corporate Debtor, if continuing, shall not be terminated or suspended or interrupted during moratorium period. (III) That the provisions of sub-section (1) of Section 14 shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. (IV) That the order of moratorium shall have effect from 14.12.2018 till the completion of the corporate insolvency resolution process or until this Bench approves the resolution plan under sub-section (1) of section 31 or passes an order for liquidation of Corporate Debtor under s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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