V P Singh, Member - (1.) The applicant, Vistar Financiers Pvt. Ltd has filed this petition under section 7 of Insolvency & Bankruptcy Code (hereinafter be referred to as the I.B. Code) , 2016) , read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for initiation of Corporate Insolvency Resolution Process against the Corporate Debtor, Datre Corporation Limited, CIN:L25201WB1984PLC038030 Brief facts are mentioned below.
(2.) The petitioner is a registered holder of 220000 Zero Coupon Debentures issued by the respondent/corporate debtor. Annexure A-V is the Debenture Certificate. The petitioner by purchasing it agreed to abide the terms and conditions for the issue of Debentures annexed to the Debenture Certificate. As per term 3.2 debentures shall be converted, into equity shares of the Company(respondent) at the option of the debenture holder but not later than 5 years from the date of issue. The date of issue is 27.10.2016. On 3rd November 2016, the petitioner opted for redemption of his entire debentures of the respondent and made a request in writing to the respondent for redemption and consequently transfer the proceeds of redemption as detailed in his letter which is produced and marked as Annexure A-VII. The respondent on receipt of the Annexure A-VII letter from the petitioner issued a reply dated 7th day of November 2016, expressing its inability to redeem the debenture and requested the petitioner to opt for extension of period of redemption for further period of 5 years with a further request to waive his right to claim interest as specified in clause 3.6 in the terms and conditions of debentures. Reply letter is annexed to Annexure A-VII. The petitioner did not agree for further extension and claimed redemption again vide letter dated 10th November,2016. To that letter respondents cares not to send any reply. Petitioner repeatedly demands redemption vide letters dated 20th January,2017 and lastly on 7th March,2017. Irrespective of repeated demands respondent failed to discharge its liability owed to the petitioner and therefore petitioner filed the instant application for initiating corporate insolvency resolution process against the respondent.
(3.) The petitioner is the holder of 2,20,000 optionally convertible debentures of Rs. 1000/- each fully paid-up aggregating to Rs. 22,00,00,000/- the total amount outstanding is 22 Crores as on 31st March,2016. The petitioner in support of its claim has also filed copy of the audited financial statements of the respondent for the financial year ended March 31, 2016 and marked as Annexure A-VI. The petitioner also filed affidavit in Form NCLT-6 verifying the contents in the petition.;