The National Company Law Appellate Tribunal (NCLAT) has upheld the order of the Mumbai Bench of the NCLT that admitted a Section 7 petition against Future Ideas Company Ltd. The appeal, filed by suspended director Anil Biyani, was dismissed on April 9, 2025.
The case revolves around ₹122.83 crore in unpaid dues arising from non-convertible debentures (NCDs) issued by Future Ideas. The Section 7 application was filed by Axis Trustee Services Ltd., acting as the debenture trustee on behalf of Franklin Templeton Mutual Fund.
Biyani challenged the NCLT’s decision, arguing that the debt in question had already been transferred to Rivaaz Trade Ventures Pvt. Ltd. (RTVPL) through an Acquisition Agreement dated 29 August 2020….
