ITSL had filed the insolvency petition against CDEL in September 2023 claiming that the latter had defaulted on the payment of over ₹228 crore.
As per the petition, ITSL and CDEL entered into a debenture trust deed in 2019. ITSL agreed to subscribe to non-convertible debentures worth ₹200 crore, whicj CDEL agreed to repay in lieu of the subscription money raised.
However, it was stated that CDEL defaulted in payment of such money on four occasions between 2019 and 2020, leading to the proceedings before the NCLT.
