India, July 2 -- IPO-bound B2B ecommerce unicorn Udaan's global creditors have initiated insolvency proceedings against it over default on bonds.

A report by ET, citing sources, said global creditors, including banks and hedge funds, initiated insolvency proceedings in the Singapore High Court against Udaan after its offshore holding entity Trustroot Internet Pvt Ltd defaulted on $170 Mn compulsorily convertible notes or bonds due on June 30.

The creditors include Tor Investment Management, Samena Capital, Arena Investors, Catalyst Funds, Evolution, Nomura and Standard Chartered Bank, among others.

Trustroot was due to pay $170 Mn to $200 Mn to settle the maturing notes, including the redemption premium. The creditors refused to accept...