Axis Trustee Services Limited, acting as Debenture Trustee for Franklin Templeton Asset Management (India) Private Limited, filed a Section 7 application under the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Future Ideas Company Limited due to a default on debentures.
Axis Trustee Services Limited filed a Section 7 application against Future Ideas Company Limited for defaulting on debentures.
The total amount claimed to be in default is Rs. 122,83,28,079 as on 27.09.2022, with the date of default mentioned as 30.04.2021.
Future Ideas Company Limited issued 1000 secured, rated, redeemable, non-convertible debentures (NCDs) each having a face value of Rs.10,00,000/- aggregating to Rs.100 Crore on a private placement basis in four series being Series A, Series B, Series C and Series D on 28.09.2018.
The Corporate Debtor argued that the debt was hit by Section 10A of the Code and that the Financial Creditor was no longer a creditor due to an acquisition agreement with Rivaaz Trade Ventures Pvt. Ltd. (RTVPL).
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Axis Trustee Services Limited filed a Section…
Date of the Acquisition Agreement between…
Axis Trustee Services Limited, acting as Debenture Trustee for Franklin Templeton Asset Management (India) Private Limited, filed a Section 7 application under the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Future Ideas Company Limited due to a default on debentures.
Axis Trustee Services Limited filed a Section 7 application against Future Ideas Company Limited for defaulting on debentures.
The total amount claimed to be in default is Rs. 122,83,28,079 as on 27.09.2022, with the date of default mentioned as 30.04.2021.
Future Ideas Company Limited issued 1000 secured, rated, redeemable, non-convertible debentures (NCDs) each having a face value of Rs.10,00,000/- aggregating to Rs.100 Crore on a private placement basis in four series being Series A, Series B, Series C and Series D on 28.09.2018.
The Corporate Debtor argued that the debt was hit by Section 10A of the Code and that the Financial Creditor was no longer a creditor due to an acquisition agreement with Rivaaz Trade Ventures Pvt. Ltd. (RTVPL).
…Axis Trustee Services Limited filed a Section…
Date of the Acquisition Agreement between…