# In the matter of DSP Asset Managers Pvt. Ltd. vs. Grant Thornton India (Bharat) LLP & Ors.

> NCLAT judgment dated 2025-05-01. Citation: TCN-2025-NCLAT-00063. The appeal was filed under Section 61 of the Insolvency and Bankruptcy Code 2016 (IBC) by DSP…

- **Court:** NCLAT
- **Order date:** 1 May 2025
- **Citation:** TCN-2025-NCLAT-00063
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/dsp-asset-managers-pvt-ltd-vs-grant-thornton-india-cbd1d393

## Summary

### Background

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.

## Facts

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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## Issues and analysis

### Issue 1: Whether the Appellant had shown due diligence in …

**Ratio:** The principle of due diligence requires parties to act vigilantly and take reasonable

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**Reasoning:** The court found that the Appellant was aware of the ongoing insolvency resolution process

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**Interpretation:** This highlights the importance of creditors actively monitoring and

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**Application:** The Appellant's failure to file their claim against IL&FS within the

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## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** DSP Asset…
- **Respondents:** Grant Thornton…
- **Advocates:** Krishnendu…; Subhabrata…; +6 more

## Timeline

- **2016-03-22 — Issuance o…**: IL&FS Transportation Networks Ltd. (ITNL) issued and allotted 7800 Non-Convertible…
- **2016-03-22 — Appointment of…**: IDBI Trusteeship Ltd. was appointed…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 61 — Appeals and Appellate Authority](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-61)

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