# In the matter of Future Ideas Company Limited

> NCLT judgment dated 2025-04-09. Citation: TCN-2025-NCLT-01082. Axis Trustee Services Limited, acting as Debenture Trustee for Franklin Templeton Asset…

- **Court:** NCLT
- **Order date:** 9 Apr 2025
- **Citation:** TCN-2025-NCLT-01082
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/future-ideas-company-limited-ef60fda8

## Summary

### Background

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.

## Facts

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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## Issues and analysis

### Issue 1: Whether the alleged debt claimed in the Main …

**Ratio:** Section 10A of the Code bars filing applications under Sections 7, 9 and 10 of the Code

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**Reasoning:** The NCLT found that the default occurred on 30.04.2021, which is after the expiry of the

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**Interpretation:** Section 10A does not apply when an action is initiated for default which

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**Application:** The NCLT held that the application was not barred under Section 10A as the

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## Parties

- **Judges:** K. R. SAJI…; SANJIV…
- **Appellants:** Axis Trustee…
- **Respondents:** Future Ideas…
- **Other parties:** Franklin Templeton…; Ritesh Ag…; +25 more
- **Advocates:** Janak Dwa…; Ankit L…; +11 more

## Timeline

- **2022-10-21 — Applicatio…**: Axis Trustee Services Limited filed a Section 7 application under the Insolvency and…
- **2020-08-29 — Acquisition Agreement…**: Date of the Acquisition Agreement between Future Ideas Company Limited and Rivaaz Trade…

## 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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