The appeal was filed under Section 61 of the Insolvency and Bankruptcy Code 2016 (IBC) by DSP Asset Managers Pvt. Ltd. against an order dated 13.05.2024 passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench-I) in C.A No. 19/2024 in C.P. No. 3638/MB/2018. The Adjudicating Authority dismissed CA No. 19 of 2024, which sought admission of the claim filed by the Appellant in the insolvency process of IL&FS-Respondent No.2. The Appellant is aggrieved by the impugned order and has preferred the present appeal.
DSP Asset Managers Pvt. Ltd. (Appellant) filed an appeal against an order dismissing their claim in the insolvency process of Infrastructure Leasing and Financial Services Limited (IL&FS, Respondent No.2). The Appellant held Non-Convertible Debentures (NCDs) issued by IL&FS Transportation Networks Ltd. (ITNL), a subsidiary of IL&FS. IDBI Trusteeship Limited (Respondent No.3) was the Debenture Trustee. ITNL defaulted on its payment obligations, triggering a Parent Cross Default under the Debenture Trustee Deed (DTD). The Appellant filed claims against ITNL within the stipulated time, but delayed filing claims against IL&FS under the Parent Agreement. The deadline for filing claims was extended multiple times, but the Appellant's claim against IL&FS
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IL&FS Transportation Networks Ltd. (ITNL)…
IDBI Trusteeship Ltd.…
The appeal was filed under Section 61 of the Insolvency and Bankruptcy Code 2016 (IBC) by DSP Asset Managers Pvt. Ltd. against an order dated 13.05.2024 passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench-I) in C.A No. 19/2024 in C.P. No. 3638/MB/2018. The Adjudicating Authority dismissed CA No. 19 of 2024, which sought admission of the claim filed by the Appellant in the insolvency process of IL&FS-Respondent No.2. The Appellant is aggrieved by the impugned order and has preferred the present appeal.
DSP Asset Managers Pvt. Ltd. (Appellant) filed an appeal against an order dismissing their claim in the insolvency process of Infrastructure Leasing and Financial Services Limited (IL&FS, Respondent No.2). The Appellant held Non-Convertible Debentures (NCDs) issued by IL&FS Transportation Networks Ltd. (ITNL), a subsidiary of IL&FS. IDBI Trusteeship Limited (Respondent No.3) was the Debenture Trustee. ITNL defaulted on its payment obligations, triggering a Parent Cross Default under the Debenture Trustee Deed (DTD). The Appellant filed claims against ITNL within the stipulated time, but delayed filing claims against IL&FS under the Parent Agreement. The deadline for filing claims was extended multiple times, but the Appellant's claim against IL&FS
…IL&FS Transportation Networks Ltd. (ITNL)…
IDBI Trusteeship Ltd.…