2022 (3) TMI 817

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.... (for brevity 'the Rules') by Vistara ITCL (India) Limited (for brevity 'Applicant') with a prayer to initiate the Corporate Insolvency process against Ansal Urban Condominium Private Limited (for brevity 'Corporate Debtor'). 2. The Financial Creditor submits that a Debenture Subscription Agreement (DSA) dated 28.07.2015 was executed amongst Ansal Urban Condominium Pvt. Ltd., The Corporate Debtor, Ansal Landmark Township Private Limited, Ansal Landmark (Karnal) Township Private Limited, Ansal Properties and Infrastructure Limited, Mr. Sushil Ansal, Mr. Pranav Ansal, Mr. Gaurav Dalmia and Indostar Capital Finance limited. Simultaneously with execution of the DSA, the parties also executed a Debenture Trust Deed dated....

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.... Applicant submits that on occurrence of event of default, the managers to IPRU, accelerated redemption of the 83,00,000 outstanding debentures and called upon the Corporate Debtor to repay and make payment of invested amounts along with the default of IRR 27% thereon within 7 days. 6. The Applicant submits that the Financial Creditor, the applicant herein invoked personal guarantee of Mr. Pranav Ansal and Mr. Guarav Dalmia. The disputes were referred to sole arbitrator. The arbitration proceedings culminated in an arbitral award dated 25.03.2021 wherein Mr. Pravan Ansal and Mr. Guarav Dalmia were held liable to jointly and severally make payment of Rs. 187,50,93,000/- along with default annual IRR of 27% thereon from 11.12.2018 to repayme....

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....2.2022. 12. The registered office of corporate debtor is situated in Delhi and therefore this Tribunal has jurisdiction to entertain and try this application. 13. The default of the corporate debtor is subsisting & continuing till date. Hence, the application was filed within the period and is not barred by limitation. 14. In the given facts and circumstances, the present application is complete and the Applicant is entitled to claim its dues, which remain uncontroverted by the Corporate Debtor, establishing the default in payment of the financial debt, beyond doubt. In the light of above facts and records, the present application is admitted, in terms of section 7(5) of IBC, 2016. 15. The Applicant has proposed Mr. Rajesh Ramnani, havi....