# M/S Axis Trustee Services Limited vs. M/S Talent Unlimited Online Services Private Limited

> NCLT judgment dated 2026-06-12. Citation: TCN-2026-NCLT-00563. M/S Axis Trustee Services Limited, acting as Debenture Trustee for debenture holders, filed an…

- **Court:** NCLT
- **Order date:** 12 Jun 2026
- **Citation:** TCN-2026-NCLT-00563
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/ms-axis-trustee-services-limited-vs-ms-talent-unlimited-online-services-private-1hphq

## Summary

### Background

M/S Axis Trustee Services Limited, acting as Debenture Trustee for debenture holders, filed an application under Section 7 of the IBC, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/S Talent Unlimited Online Services Private Limited (Corporate Debtor). The Corporate Debtor had issued secured, redeemable, non-convertible debentures totaling Rs. 25,00,00,000/- to raise financial assistance. A first charge was created in favor of the Applicant. The Corporate Debtor defaulted on its repayment obligations starting 31.08.2025, leading to the issuance of warning letters and demand notices. The Corporate Debtor repeatedly admitted its financial distress and inability to repay, requesting more time. The total default claimed was Rs. 5,76,60,560/- as

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## Facts

M/S Axis Trustee Services Limited, as Debenture Trustee, filed an application under Section 7 of the IBC, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against M/S Talent Unlimited Online Services Private Limited (Corporate Debtor).

The Corporate Debtor was incorporated on 13.04.2012 and is engaged in data processing, computer services, software development, and IT services.

The Corporate Debtor approached subscribers for financial assistance and issued secured, redeemable, non-convertible debentures totaling Rs. 25,00,00,000/-, which constitute "financial debt".

An exclusive first charge by way of hypothecation was created in favor of the Applicant as Debenture Trustee for the benefit of the debenture holders, registered on 03.03.2023.

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## Issues and analysis

### Issue 1: Whether there is a "financial …

**Ratio:** The issuance of debentures for financial assistance, carrying interest and redemption

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**Reasoning:** The Corporate Debtor issued secured, redeemable, non-convertible debentures for a total

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**Interpretation:** A 'financial debt' is a debt along with interest, if any, which is disbursed

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**Application:** The debentures issued by M/S Talent Unlimited Online Services Private Limited

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## Parties

- **Judges:** BACHU VENKAT…; RAVINDRA CHATURVED…
- **Appellants:** M/S AXIS TRUSTEE…
- **Respondents:** M/S TALENT…
- **Other parties:** Committee of…; Manish Ag…
- **Advocates:** HARSHIT…; Suraj A…; +4 more

## Timeline

- **2012-04-13 — Corporate Debtor…**: M/S Talent Unlimited Online Services Private…
- **2023-03-03 — Financial Agreements…**: Securities Subscription Agreement, Debenture Trust Deed, Debenture Trustee Appointment…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(8) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

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