The National Company Law Tribunal (NCLT), Mumbai Bench, has admitted a corporate insolvency petition against Future Ideas Company Limited (FICL), part of the erstwhile Kishore Biyani-led Future Group, filed by Axis Trustee Services Limited, acting as the debenture trustee for Franklin Templeton Asset Management. The tribunal declared a moratorium on the company’s assets and appointed an interim resolution professional (IRP) to oversee the insolvency process.
Background of the Case
Axis Trustee Services initiated insolvency proceedings under Section 7 of the Insolvency and Bankruptcy Code (IBC), citing a default of Rs. 122.83 crore as of September 2022. The debt arose from non-convertible debentures (NCDs) issued by FICL…
