TMI Blog2019 (3) TMI 1938X X X X Extracts X X X X X X X X Extracts X X X X ..... tor and demanding the Corporate Debtor to forthwith make coupon payments due to the Financial Creditor. Since no payment has come from the Corporate Debtor by calendar quarter ending 30.06.2018, initially the Co-Applicant as the debenture Trustee issued a notice on 07.08.2018 to the corporate debtor calling upon the debtor to clear the dues, as no payment has come, these applicants have filed this application making a claim of ₹ 8,51,35,527.41 for initiation of CIRP. As against the claim made by the Financial Creditor, the counsel appeared on behalf of the Corporate Debtor has not raised any objection for initiation of Corporate Insolvency Resolution Process because the Corporate Debtor is not in a position to pay the amount as sta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ach aggregating to ₹ 145,00,00,000/- in two tranches - tranche A for an aggregate amount of ₹ 105,00,00,000/- and tranche B for ₹ 40,00,00,000/- to the Financial Creditor. In pursuance thereof, the Financial Creditor on 18.08.2016 subscribed to 1020 out of 1050 Debentures issued by the Corporate Debtor which is evident in Annexure - A to this Company Application. As per the terms of the Debenture Trust Deed dated 16.08.2018, coupon rate of 12% interest per annum upon the debentures is payable by the Corporate Debtor to the Financial Creditor every calendar quarter ending. Thereafter, the Corporate Debtor defaulted on the coupon payments payable by the calendar quarter ending 30.06.2018 which resulted into default in terms ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... inst the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; b) transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; c) any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; d) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. II. That Supply of essential goods or servic ..... X X X X Extracts X X X X X X X X Extracts X X X X
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