National Company Law Appellate Tribunal (NCLAT) on Monday upheld NCLT’s order admitting Future Ideas Company Limited (FICL), part of the Future Group, into insolvency over dues of ₹122.83 crore.
National Company Law Tribunal (NCLT), Mumbai, admitted FICL into insolvency last month in an insolvency petition filed by Axis Trustee Services, representing Franklin Templeton Asset Management (India) Pvt Ltd as its debenture trustee.
A debenture trustee is a body representing the interests of debenture holders while holding debentures for them.
The debt arose from non-convertible debentures issued by FICL in 2018, according to terms agreed under Debenture Trust-cum-Mortgage Deed (DTMD).
