SC notice to Axis Trustee on plea by Future Ideas' Biyani vs IBC admission
This story was originally published at 18:44 IST on 3 June 2025
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NEW DELHI – The Supreme Court has issued a notice to Axis Trustee Services Ltd. on a petition by Anil Biyani, the suspended director of Future Ideas Co Ltd., which was admitted into insolvency by the Mumbai bench of the National Company Law Tribunal and upheld by the National Company Law Appellate Tribunal. Biyani has challenged the appellate tribunal's order in the apex court.
Refusing to stay the insolvency proceedings against Future Ideas, the top court also sought the company's resolution professional Ritesh Agarwal's response in the case, and listed it for hearing on Aug. 8.
In 2018, a debenture trustee agreement was executed between Future Ideas and Axis Trustee, which was a debenture trustee on behalf of debenture holders Franklin India Short Term Income Plan and Franklin India Income Opportunities Plan. The debenture holders had subscribed to 1,000 rated, unlisted, secured, redeemable non-convertible debentures, each with a face value of INR 1 million across four series and totalling INR 1 billion, of Future Ideas.
Future Ideas was required to redeem the debentures and pay interest as specified in the transaction documents. However, due to a default by Future Ideas in redemption of debentures in 2021, an event of default was allegedly triggered. It was alleged that despite a notice in 2022 demanding payment, Future Ideas failed to comply with the same. Consequently, Axis Trustee moved the Mumbai tribunal to start insolvency proceedings against Future Ideas. The total amount claimed to be in default was INR 1.23 billion. End
Reported by Surya Tripathi
Edited by Ashish Shirke
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