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Benchmarksclosed Nifty17,624.0524.90 Precious Metal Gold (MCX) (Rs/10g.)60,080.00-431.00 Search for Reliance Industries| Industry English EditionEnglish Editionहिन्दीગુજરાતીमराठीবাংলাಕನ್ನಡമലയാളംதமிழ்తెలుగు | Today's Paper Sign In Special Offer on ETPrime Home ETPrime Markets News Industry Rise Politics Wealth Mutual Funds Tech Careers Opinion NRI Panache ET NOW More Auto Auto News Cars & UVs Two wheelers & three wheelers LCV & HCV Auto Components Tyres Banking/Finance Banking Finance Insure Cons. Products Durables Electronics Fashion / Cosmetics / Jewellery FMCG Food Garments / Textiles Liquor Paints Tobacco Energy Power Oil & Gas Renewables Solar Energy Wind EnergyPolicy and regulationsPeopleHybrid PowerElectric vehicles Ind'l Goods/Svs Construction Engineering Cement Chem / Fertilisers Metals & Mining Packaging Paper / Wood / Glass/ Plastic/ Marbles Petrochem Steel Healthcare/Biotech Biotech Healthcare Pharmaceuticals Services Advertising Consultancy / Audit Education Hotels / Restaurants Property / C'struction Retail Travel Media/Entertainment Entertainment Media More TransportationRailwaysAirlines / AviationShipping / TransportRoadwaysTechITESTech & InternetStartupsFundingTech BytesTelecomTelecom NewsTelecom PolicyMiscellaneousCSRInitiativesPolicyEnvironment Business News›Industry›Services›Property / C'struction›NCLT admits insolvency resolution plea against Renaissance Indus Infra THE ECONOMIC TIMES DAILY NEWSPAPER IS AVAILABLE ONLINE NOW. Read Today's Paper NCLT ADMITS INSOLVENCY RESOLUTION PLEA AGAINST RENAISSANCE INDUS INFRA SECTIONS NCLT admits insolvency resolution plea against Renaissance Indus Infra By Kailash Babar & Maulik Vyas , ET BureauLast Updated: Apr 08, 2023, 01:06 PM IST Synopsis THE LENDER HAD MOVED THE BANKRUPTCY COURT AFTER THE COMPANY DEFAULTED ON ITS DUES WORTH NEARLY RS 444 CRORE. THE TRIBUNAL’S MUMBAI BENCH HAS APPOINTED BIRENDRA KUMAR AGARWAL AS THE INSOLVENCY RESOLUTION PROFESSIONAL (IRP) TO CARRY OUT THE FUNCTION UNDER THE INSOLVENCY & BANKRUPTCY CODE, 2016. iStock The National Company Law Tribunal has admitted real estate and construction company Renaissance Indus Infra under the corporate insolvency resolution process (CIRP) following a plea by its financial creditor Catalyst Trusteeship. The lender had moved the bankruptcy court after the company defaulted on its dues worth nearly Rs 444 crore. The tribunal’s Mumbai bench has appointed Birendra Kumar Agarwal as the insolvency resolution professional (IRP) to carry out the function under the Insolvency & Bankruptcy Code, 2016. Renaissance Group through its special purpose vehicle (SPV) project RUIPL and Renaissance India had initially availed funding from Edelweiss Financial Services. As per the debt term sheet signed in 2018, the company was proposing to refinance the amount outstanding with Edelweiss and also avail additional funding for the project development expenses. As per the debt term sheet executed between Altico Capital India and the company, Altico had agreed to subscribe to the non-convertible debentures (NCDs) amounting to Rs 390 crore and an amount of Rs 280 crore was disbursed. Accordingly, a debenture trust deed was executed in June 2018 between the company as the issuer and Vista ITCL India as debenture trustee. In March 2021, Altico, as debenture holder, transferred all its rights under the debentures along with the underlying security interest and rights created by Renaissance Group and the other obligations in connection with these debentures in favour of the financial creditor. Nishit Dhruva, managing partner of law firm MDP & Partners, while appearing for the lender argued that the company had started committing defaults in repayment of its dues since March 2021 and every quarter-end thereafter. Thus, a default of Rs 443.81 crore was committed by the company as on June 2022. As part of its letter in March and June 2020, Renaissance Indus Infra has acknowledged its liability but expressed its financial difficulties to pay the outstanding amount, the tribunal’s bench with judicial member Kuldip Kumar Kareer and technical member Anuradha Sanjay Bhatia said in its order. According to Renaissance Group, the petition was liable to be dismissed as such a plea can only be filed by the debenture trustee or the financial creditor along with the trustee. The financial creditor alone is not entitled to file such a plea. However, the tribunal has dismissed the argument while stating that the financial creditor is an original assignee as per the assignment agreement in March 2021 and is clearly competent to file this petition. The company had also argued that the financial creditor has no locus to file the petition as per the terms of Inter Creditor Agreement signed in June 2018 that has been deliberately withheld by the financial creditor while filing the plea. According to the tribunal, even this contention raised by the company is of no consequence. In this regard, the tribunal has pointed out that the June 2018 Inter Creditor Agreement stated that finance parties are intended to collectively mean debenture trust deed, debenture holders and any agent of the debenture trustee and therefore can launch legal proceedings. Don’t miss out on ET Prime stories! Get your daily dose of business updates on WhatsApp. click here! READ MORE NEWS ON renaissance indus infrarenaissance groupedelweissNCLTnclt order (Catch all the Business News, Breaking News Events and Latest News Updates on The Economic Times.) 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The only global membership video-on-demand platform for streaming documentaries. Explore, question and discover real stories that enlighten, enchant and entertain. Features: * A new release every day * Stream on multiple screens * Award winning documentaries from 100+ countries * Stunning 4K & HD quality * Wide range of topics including Travel, Culture, Science, Crime, Nature, History and more * TERMS & CONDITIONS * The offer is applicable for all users buying/renewing the Annual plan or 2-year plan. * Post the free trial of 15 days, the Docubay coupon code will be sent to the registered email address within 15 working days from completion of the trial period. * For existing users (renewing users) or users who have exhausted their trial period in the past, will receive the Docubay coupon code to their registered email address within 15 working days from the payment completion. * Users are required to redeem their Docubay coupon code on or before 31-3-2023. * ET Prime solely reserves the right to resolve any issue as per the company policy. In any event. whatsoever, ET Prime's liability will not exceed the amount paid by the user during the transaction. * ET Prime reserves the right to withdraw or modify this offer without any liability at its own discretion. * These terms shall at all times be read and understood in conjunction with the T&C and Privacy Policy of ET Prime available at etprime.com/terms-conditions. * The above mentioned offers are indicative and may change over time. * A new release every day * Docubay terms and conditions shall apply at all times. ENJOY FREE SUBSCRIPTIONS & DISCOUNTED DEALS FROM TOP BRANDS TERMS & CONDITIONS * The offer is applicable for all users buying/renewing the Annual plan or 2-year plan. * Post the free trial of 15 days, the Times Prime coupon code will be sent to registered email address within 10 working days from completion of the trial period. * For existing users (renewing users) or users who have exhausted their trial period in the past, will receive the Times Prime coupon code to their registered email address within 10 working days from the payment completion. * Users are required to redeem their Times Prime coupon code on or before 31-03-2023. * ET Prime solely reserves the right to resolve this issue as per the company policy. In any event. whatsoever, ET Prime's liability will not exceed the amount paid by the user during the transaction. * ET Prime reserves the right to withdraw or modify this offer without any liability at its own discretion. * These terms shall at all times be read and understood in conjunction with the T&C and Privacy Policy of ET Prime available at :etprime.com/terms-conditions. * Times Prime subscription offers the below benefits:- * Hotstar + Disney : 6 months subscription worth Rs. 450 * SonyLiv: 6 month subscription worth Rs. 699 * Headspace: 6 months subscription worth Rs. 449 * TOI+ : 12 months subscription worth Rs. 650 * Gaana+: 1-year subscription worth Rs. 399 * Myntra: 15% discount over & above * Uber: 20% off on rides * Chaayos: Complimentary chai * Times Prime reserves the right to add/modify/delete any of the benefits at its own discretion. * Times Prime terms and conditions shall apply at all times.. * In case of any concerns, the user may reach out to us at :care@etprime.com. The only global membership video-on-demand platform for streaming documentaries. Explore, question and discover real stories that enlighten, enchant and entertain. Features: * A new release every day * Stream on multiple screens * Award winning documentaries from 100+ countries * Stunning 4K & HD quality * Wide range of topics including Travel, Culture, Science, Crime, Nature, History and more * TERMS & CONDITIONS * The offer is applicable for all users buying/renewing the Annual plan or 2-year plan. * Post the free trial of 15 days, the Docubay coupon code will be sent to the registered email address within 15 working days from completion of the trial period. * For existing users (renewing users) or users who have exhausted their trial period in the past, will receive the Docubay coupon code to their registered email address within 15 working days from the payment completion. * Users are required to redeem their Docubay coupon code on or before 31-3-2023. * ET Prime solely reserves the right to resolve any issue as per the company policy. In any event. whatsoever, ET Prime's liability will not exceed the amount paid by the user during the transaction. * ET Prime reserves the right to withdraw or modify this offer without any liability at its own discretion. * These terms shall at all times be read and understood in conjunction with the T&C and Privacy Policy of ET Prime available at etprime.com/terms-conditions. * The above mentioned offers are indicative and may change over time. * A new release every day * Docubay terms and conditions shall apply at all times. Get One Year Docubay Subscription worth ₹999 for free Stream award-winning international documentaries from more than 100 countries. KNOW MORE Offers By Our Partners Exclusively for Members Annual plan worth ₹15000, now at 50% off ₹7500/yr Access unlimited research summaries with a research network that unites Insight Providers, Investors and Investor Relations Professionals Know More 7Member only Newsletters Never miss a story that matters PrimeShots Sharp, short, snappy insights to help you stay up-to-date in under 120 seconds! Today's Edition Daily edition of latest ET Prime stories Prime Vantage The classic weekend read. Subscribe Now 8 Gift a story Your membership includes story gifting credits. Now gift exclusive stories to your friends & peers. 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Balu Ramachandran Senior Vice President, Cleartrip * 1 * 2 * 3 * 4 11A trusted team of Journalists & Analysts Unbiased perspective & detailed reporting by our team of journalists who have in-depth knowledge and years of experience * Shishir Prasad Editor Two decades of tracking strategy, technology, and money. Loves stories that combine logic and aesthetics. * Ami Shah Senior Assistant Editor, Markets Keeps an eye on everything related to stock markets * Anand J Senior Assistant Editor, Fintech and Internet Economy Covering Indian startup ecosystem and technology. 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In my free time I dabble in derivatives and music * Pravin Palande Executive Editor Markets and investment specialist * Priyanka Sahay Assistant Editor If it's odd, it's a story. 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Covers trucking, old economy companies and new age startups. * Vikas Dandekar Editor, Pharma and Healthcare India’s pre-eminent pharma reporter with over two decades in the business * Varsha Santosh Correspondent, Money and Markets Juggling with data * Vyas Mohan Senior Sub-Editor I have 15 years of experience. I moved to ET Prime’s rewrite team from the Asia desk of Thomson Reuters. * 1 * 2 * 3 * 4 * 5 * 6 * 7 * 8 * 9 * 10 * 11 * 12 * 13 * 14 * 15 Subscribe Now FREQUENTLY ASKED QUESTIONS WHAT DO I GET WITH AN ET PRIME MEMBERSHIP? An ET Prime membership gets you • Unlimited access to all ET Prime content on all platforms • Access to in-depth reports on 4000+ stocks and complete access to ET Print Edition • Access to community discussions on ET Prime, and opportunity to become a contributor • Invites to ET Prime members-only event DO I NEED TO CREATE AN ACCOUNT TO BUY A MEMBERSHIP? Yes, you need to sign-in/sign-up using your email ID or any of your social accounts to buy an ET Prime subscription. CAN I BUY A MEMBERSHIP TO ONLY THE DESKTOP SITE OR APP? No, a membership gets you access on all platforms. WHAT IS YOUR CANCELLATION POLICY? There is no refund in case you want to cancel your membership, unless explicitly stated. WHAT IS THE DURATION OF THE TRIAL PERIOD? Currently, we are not offering trial with any of our plans. WHAT TYPES OF PAYMENT DO YOU ACCEPT? We accept payment via credit cards, debit cards, net banking, UPI and wallets. I DON'T LIVE IN INDIA. CAN I STILL BECOME A MEMBER? Yes, you can become an ET Prime member from anywhere in the world. Annual International subscription is available at USD 34 only. For international subscription, drop us an email at care@etprime.com. WILL MY MEMBERSHIP BE RENEWED AUTOMATICALLY? Membership purchased through all credit cards and some debit cards will be automatically renewed. We will inform you before the renewal is due. You can cancel the auto-renewal any time from within your profile settings. I HAVE PAID FOR A MEMBERSHIP, BUT DID NOT CREATE AN ACCOUNT. WHAT SHOULD I DO? To reclaim your membership, please reach us at care@etprime.com. HOW DO I GET AN INVOICE FOR MY MEMBERSHIP? To issue an invoice, please share the billing name, address, and contact number at care@etprime.com. In case you require a GST invoice, please share the GST number, billing address, and contact number on the same email ID. DO I ALSO GET THE ECONOMIC TIMES NEWSPAPER AT HOME WITH THIS MEMBERSHIP? No, this is a membership to ET Prime only. Though, you get complete access to ET Print edition - The digital website of ET Newspaper. WHAT IF I DON'T WANT TO BECOME A MEMBER? CAN I STILL READ SOME ARTICLES FOR FREE? A very small portion of our stories are free to read. You can access them by signing in. DO I ALSO GET THE ECONOMIC TIMES EPAPER ACCESS WITH THIS MEMBERSHIP? As an ET Prime member, you will get access to ET Print Edition - The digital website of ET Newspaper. However, in order to access epaper you would need to purchase a separate subscription. The only global membership video-on-demand platform for streaming documentaries. Explore, question and discover real stories that enlighten, enchant and entertain. Features: * A new release every day * Stream on multiple screens * Award winning documentaries from 100+ countries * Stunning 4K & HD quality * Wide range of topics including Travel, Culture, Science, Crime, Nature, History and more * TERMS & CONDITIONS * The offer is applicable for all users within India buying/renewing the Annual plan or 2-year plan. * Post the free trial of 15 days, the Docubay coupon code will be sent to the registered email address within 15 working days from completion of the trial period. * For existing users (renewing users) or users who have exhausted their trial period in the past, will receive the Docubay coupon code to their registered email address within 15 working days from the payment completion. * Users are required to redeem their Docubay coupon code on or before 01-06-2021. * ET Prime solely reserves the right to resolve any issue as per the company policy. In any event. whatsoever, ET Prime's liability will not exceed the amount paid by the user during the transaction. * ET Prime reserves the right to withdraw or modify this offer without any liability at its own discretion. * These terms shall at all times be read and understood in conjunction with the T&C and Privacy Policy of ET Prime available at etprime.com/terms-conditions. * The above mentioned offers are indicative and may change over time. * Docubay terms and conditions shall apply at all times. WHY ? * Exclusive Economic Times Stories, Editorials & Expert opinion across 20+ sectors * Stock analysis. Market Research. Industry Trends on 4000+ Stocks * Clean experience with Minimal Ads * Comment & Engage with ET Prime community * Exclusive invites to Virtual Events with Industry Leaders * A trusted team of Journalists & Analysts who can best filter signal from noise Stories you might be interested in Subscribe to ourET Investment Opportunities SUBMIT BACK TO TOP