# In the matter of Anil Biyani vs. Axis Trustee Services Ltd. & Anr.

> NCLAT judgment dated 2025-05-19. Citation: TCN-2025-NCLAT-00371. This appeal was filed by Anil Biyani, a Suspended Director of Future Ideas Company Ltd.,…

- **Court:** NCLAT
- **Order date:** 19 May 2025
- **Citation:** TCN-2025-NCLAT-00371
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/anil-biyani-vs-axis-trustee-services-ltd-anr-2ab1bb89

## Summary

### Background

This appeal was filed by Anil Biyani, a Suspended Director of Future Ideas Company Ltd., challenging an order dated 09.04.2025 passed by the National Company Law Tribunal (NCLT), Mumbai Bench-VI, which admitted a Section 7 application filed by Axis Trustee Services Limited.

## Facts

A Debenture Trust-cum-Mortgage Deed (“DTMD”) dated 15.10.2018 was signed between Axis Trustee Services Ltd. and Future Ideas Company Limited.

A Public Announcement was made on 29.08.2020 by Future Group regarding a major reorganisation of its businesses.

An Acquisition Agreement was entered into on 29.08.2020 between Future Ideas Company Ltd. and Rivaaz Trade Ventures Pvt. Ltd. (“RTVPL”), where debt amounting to Rs.122.83 crores under the Non-Convertible Debentures was acquired by RTVPL.

On 22.10.2020, Axis Trustee Services Ltd. issued a notice to Future Ideas Company Ltd., asking for certain repayment.

On 09.04.2025, the NCLT Mumbai Bench-VI admitted Section 7 Application filed by Axis Trustee Services Limited.

…

## Issues and analysis

### Issue 1: Whether Section 7 Application filed by …

**Ratio:** Section 10A of IBC does not bar applications based on defaults occurring after the expiry

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**Reasoning:** The Adjudicating Authority rightly held that the Section 7 application was not barred by

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**Interpretation:** Section 10A's suspension period only applies to defaults occurring during that

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**Application:** The NCLAT upheld the Adjudicating Authority's decision, stating that the

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## Parties

- **Judges:** Ashok Bh…
- **Appellants:** Anil Bi…
- **Respondents:** Future Ideas…; Axis Trustee…
- **Other parties:** Ritesh Ag…
- **Advocates:** Arun Kath…; Petrushka D…; +15 more

## Timeline

- **15.10.2018 — Debenture Trust-cum-Mort…**: A Debenture Trust-cum-Mortgage Deed was signed between Axis Trustee Services Ltd. and…
- **29.08.2020 — Public Annou…**: Future Group made a Public Announcement regarding a major reorganisation of its…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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