Eraaya Lifespaces Faces Civil Suit Over Bond Dispute With Bull Value Sub-Fund

Eraaya Lifespaces Ltd is facing fresh legal scrutiny as Bull Value Incorporated VCC Sub-Fund initiates a civil suit in the District Court, intensifying the ongoing conflict surrounding bond proceeds linked to the company’s acquisition of Ebix Inc. The dispute centers on the release and control of USD 40 million held by a settlement agent, which Eraaya claims should have been transferred by its investment adviser, Elara Capital.

Earlier this year, the High Court in London dismissed Eraaya’s injunction request, siding with bondholders and Elara Capital. The new suit by Bull Value Sub-Fund adds another layer to the litigation, reflecting broader concerns over trust governance, collateral pledges, and procedural conduct.

Key Highlights

• Bull Value Incorporated VCC Sub-Fund files civil suit against Eraaya Lifespaces Ltd
• Dispute involves USD 40 million in bond proceeds tied to Ebix acquisition
• Eraaya previously lost injunction bid in UK High Court against Elara Capital
• Bondholders granted joinder and collateral document access in earlier proceedings
• New suit escalates legal pressure on Eraaya amid unresolved financial obligations
• Case raises questions about contractual compliance and fiduciary responsibilities

Sources: ICLG News, Eskwai Legal Archives, Blackstone Chambers