The case involves an application filed by the Corporate Debtor, NuFuture Digital (India) Limited, seeking the dismissal of Company Petition No. 1147/2022 filed by the Financial Creditor, Axis Trustee Services Limited. The Corporate Debtor argues that the default occurred during the period specified in Section 10A of the Insolvency and Bankruptcy Code (IBC), which bars the filing of applications under Section 7 for such defaults. The Financial Creditor claims that the default occurred after the period prescribed under Section 10A of the Code.
NuFuture Digital (India) Limited, the Corporate Debtor, sought dismissal of Company Petition No. 1147/2022 filed by Axis Trustee Services Limited, the Financial Creditor. The Corporate Debtor argued that the default occurred during the period specified in Section 10A of the IBC, barring applications under Section 7. The Financial Creditor issued a notice on 22.10.2020 seeking full repayment due to an 'event of default'. The Corporate Debtor claimed this invoked a mandatory prepayment clause, preventing the Financial Creditor from claiming later payment due dates. The Financial Creditor subscribed to 2500 Non-Convertible Debentures (NCD) worth Rs. 250.00 crore on 28.09.2018. A Debenture Trust Cum Mortgage Deed (DTD) was executed on 06.12.2018. The Financial Creditor
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Financial Creditor subscribed to 2500…
A Debenture Trust Cum Mortgage Deed (DTD) was…
The case involves an application filed by the Corporate Debtor, NuFuture Digital (India) Limited, seeking the dismissal of Company Petition No. 1147/2022 filed by the Financial Creditor, Axis Trustee Services Limited. The Corporate Debtor argues that the default occurred during the period specified in Section 10A of the Insolvency and Bankruptcy Code (IBC), which bars the filing of applications under Section 7 for such defaults. The Financial Creditor claims that the default occurred after the period prescribed under Section 10A of the Code.
NuFuture Digital (India) Limited, the Corporate Debtor, sought dismissal of Company Petition No. 1147/2022 filed by Axis Trustee Services Limited, the Financial Creditor. The Corporate Debtor argued that the default occurred during the period specified in Section 10A of the IBC, barring applications under Section 7. The Financial Creditor issued a notice on 22.10.2020 seeking full repayment due to an 'event of default'. The Corporate Debtor claimed this invoked a mandatory prepayment clause, preventing the Financial Creditor from claiming later payment due dates. The Financial Creditor subscribed to 2500 Non-Convertible Debentures (NCD) worth Rs. 250.00 crore on 28.09.2018. A Debenture Trust Cum Mortgage Deed (DTD) was executed on 06.12.2018. The Financial Creditor
…Financial Creditor subscribed to 2500…
A Debenture Trust Cum Mortgage Deed (DTD) was…