...High Court, by the appellant-plaintiff, a debenture trustee, to enforce rights that arise out of a corporate guarantee executed by the respondent-defendant. The necessary averments made in the plaint...plaintiff has been appointed as the debenture trustee under (i) the debenture subscription and debenture trust deed dated 1-12-2009 executed by Amazia Developers (P) Limited (hereinafter referred to as...Rubix OPCDs provided that the debenture trustee/the plaintiff would only act on the instructions of the Nominee Directors of FMO.(v) Accordingly though Vinca was an...

...letter of offer, stated that the debenture trustee or trustees have given their consent to the company to be so appointed. Based on the material available on record, I find that MVIL has not complied with...certificate of registration obtained from the Board in accordance with the regulations made under this Act". Mount Vision Debenture Trust (represented by trustee Mr. Manoj Kumar) are not registered with...SEBI. Further, Regulation 7 of SEBI (Debenture Trustees) Regulations, 1993 ("Debenture Trustees Regulations"), provides that: "no person should act as a debenture trustee unless he is either...

...Order, after the name “Sujit Kumar Das” and before the words “shall not access the securities market or …” the following words shall stand inserted:“along with the Debenture Trustee - Ramavatar...” shall stand substituted with the following words:“The Noticees excluding the Debenture Trustee - Ramavatar & Associates, Chartered Accountants (represented by its Proprietor, Ramavatar R...Jhanwar)”4. After sub-paragraph ii of paragraph 4.3 of the Interim Order, the following sub-paragraph shall stand added and be numbered as iii:“iii. The Debenture Trustee - Ramavatar...

...Catalyst Trusteeship Ltd. (hereinafter, referred to as 'the debenture trustee') was dismissed by the National Company Law Tribunal, Mumbai Bench-I ('NCLT'), vide order dated 03.02.2023. The same stood...) No. 467 of 2023. Aggrieved thereby, the debenture trustee is in appeal before this Court under Section 62 of the Code. 1 For...two series, viz., Series A and Series B. The resolution in this regard was passed by the Board of Directors of the respondent company on 20.03.2018. On the same day, the debenture trustee was appointed...

...sheet for a loan amount of Rs.650,00,00,000/- on 11.06.2018. On 21.06.2018, Debenture Trustee Appointment Agreement executed where Vistra ITCL was appointed as the Debenture Trustee. On 26.06.2018, a...Debenture Trustee Document was executed between the Corporate Debtor, Promoters and Vistra ITCL under which 390 unlisted, secured, redeemable non- convertible debentures of aggregate value of Rs.... and other. -3- iii. Vide demand notice dated 13.07.2022, the Debenture Trustee called upon Respondent No.2...

...made an application dated 29.10.2001 to Securities and Exchange Board of India (hereinafter referred to as SEBI) for registration as debenture trustee as per Regulation 3 of SEBI (Debenture Trustees...) Regulations, 1993. The application was examined and considered taking into account all the matters which are relevant to a debenture trustee as per Regulation 6 of the SEBI (Debenture...Trustees) Regulations, 1993 (hereinafter referred to as the said Regulations). As the activity of debenture trustee is fiduciary in nature, it is important that it fulfills each and every requirement...

...made an application dated 29.10.2001 to Securities and Exchange Board of India (hereinafter referred to as ‘SEBI’) for registration as debenture trustee as per Regulation 3 of SEBI (Debenture Trustees...) Regulations, 1993.The application was examined and considered taking into account all the matters which are relevant to a debenture trustee as per Regulation 6 of the SEBI (Debenture...Trustees) Regulations, 1993 (hereinafter referred to as the ‘said Regulations’). As the activity of debenture trustee is fiduciary in nature, it is important that it fulfills each and every requirement...

...quite often acts as a debenture trustee in the securities market. It is registered with the Securities and Exchange Board of India (for short the Board) as a debenture trustee under the regulations...the alleged violations of regulations. It was alleged that the appellant as a debenture trustee had common directors with the body corporates with whom it had entered into agreements to act as...Toll Bridge Co. Ltd. with whom the former had an agreement to act as a debenture trustee in May 2002. Similarly, one Rama Bijapurkar was a common director on the board of the appellant and Mahindra...

... IN THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH-IV CP (IB)993/MB/C-IV/2020 Under section 7 of the I&B Code, 2016 In the matter of Beacon Trusteeship Limited …Financial Creditor v/s. Neptune Ventures and Developers Private Limited [U45202MH2009PTC189590] …Corporate Debtor Order Delivered on: 07.10.2021 Coram: Shri Rajesh Sharma Smt. Suchitra Kanuparthi Hon'ble Member (Technical) Hon'ble Member (Judicial) For the Petitioner:Mr. Amit Shah, Advocate For the Respondent: Ms. Geeta Lundwani, Advocate ORDER Per:Suchitra Kanuparthi,Member (Judicial) 1. This is a Company Petition filed under section 7 of the Insolvency & Bankruptcy Code, 2016 (IBC) by Beacon Trusteeship Limited ("the Financial Creditor"), seeking to 1 initiate Corporate Insolvency Resolution Process (CIRP) against Neptune Ventures and Developers Private Limited ("the Corporate Debtor"). The Financial Creditor claiming a sum of Rs.32,08,76,450/- (Rupees Thirty-Two Crore Eight Lakhs Seventy-Six Thousand Four Hundred Fifty Only) as on 31st December, 2019 which is said to be the debt and default. BRIEF FACTS: 1. The Petitioner and the Corporate Debtor executed the Debenture Trust Deed cum Indenture of Mortgage. The Corporate Debtor with a view of raising debt for the purposes of purchase of FSI, undertakings constructions of duties, creation and maintenance of internet services, meeting issue expenses and another general corporate purposes. 2. The said Debenture Trust Deed was registered on 10th January, 2018 and also registered as charged with Ministry of Corporate Affairs. 3. Both the parties further executed a supplementary Debenture Trust Deed dated 20th September, 2019 to amend terms and conditions of debenture interest rate. The Corporate Debtor defaulted the payment terms of Debenture and Supplementary Debenture Trust Deed and hence an amount of Rs.32,08,76,450/- is claimed by the Financial Creditor as on Page 2|16 2 the debt and default on 31st December, 2019. The Petitioner of Principal amount and Interest in default is as follows: Sr. No.ParticularsAmount1Principal Amount25,00,00,0002Interest Due @ 16.5% P.A.2,76,88,3563Default Interest @ 36% P. A.4,31,88,093Total Amount Due32,08,76,450 4. The Corporate Debtor issued Series A and Series B Debenture amount of Rs.25,00,00,000/- in offer past for the list of documents attached to the application are as follows: a. Offer in pass-4 for issue of Series A and Series B Debentures amounting to Rs.25,00,00,000/-. b. The allotment of Series A and Series B Debentures amounting to Rs.25,00,00,000/- in pass-3. c. Copy of Debenture Trust deed between Financial Creditor and Corporate Debtor. d. The Corporate Debtor registered the secured charge with MCA in CHG-9 on 20th January, 2020. 5. The Petitioner claimed that the Debenture Trust Deed cum Indenture of Mortgage thus evidences that the Corporate Page 3|16 3 Debtor failed to repay the said amount and hence sought to initiate the CIRP proceedings against the Corporate Debtor. REPLY OF THE CORPORATE DEBTOR 6. The Corporate Debtor denied the allegations made by the Petitioner in the application as being misconceived in law and as well as on facts. The Financial Creditor pursuant to Debenture Trust Deed cum Indenture of Mortgage dated 10.01.2018 has been appointed as a Trustee for the benefit of Debenture Holder. 7. The Corporate Debtor issued a correct placement of a letter dated 08.01.2018 and issued to Series of Debenture namely Series A constituting 60 Debentures of face value of Rs.10 Lakhs an amounting of Rs. 6 Lakhs and Series B constituting 190 debenture of face value of Rs.10 Lakhs an amounting to Rs.19 crores. The Corporate Debtor had raised of Rs.25 crores from the Debenture Holder. The Debentures carry interest of 16.5% per annum. The Debentures were secured by the registered mortgage of a commercial premises admeasuring 4,011 sq. mtrs. Of carpet area of "Eastern Business District" situated at L.B.S. Marg, Bhandup (West), Mumbai. Further, the receivable from the aforesaid premises were also Page 4|16 4 hypothecated...resulting from the operation of law of otherwise subject to the applicable Cure Period, with each event being determined by the Debenture Trustee at its sole and absolute discretion.... 17.2: Remedies 17.2.1 The security created hereunder or any other transaction document in favour of the Debenture Trustee shall become enforceable by the Debenture Trustee upon the...

...amount) and preauthorise Debenture Trustee(s) to seek debt redemption payment related information from the Issuer's bank. Issuer shall also inform the Debenture Trustee(s) of...any change in bank details within 1 working day of such change. For existing debt securities, Issuer shall provide such pre- authorisation to Debenture Trustee(s), within 60 days...pay the redemption amount and pre-authorise the Debenture Trustee(s) to seek debt redemption payment related information from its Bank. The Circular also mentioned that for the existing debt...

...alienating or creating any third party interests/rights on the assets of the Corporate Debtor secured in favour Debenture Trustee till further orders. 3. Learned Counsel for the...Appellant submits that the order was passed only on the ground that certain information was not provided by the Appellant to the Debenture Trustee. It is stated that the Appellant is ready to provide...information to the Debenture Trustee and also submitted an One Time Settlement (OTS) proposal to the Debenture Trustee. 1...

...received communications dated December 05, 2019 and January 23, 2020 from Vistra ITCL (India) Ltd (hereinafter referred to as "Vistra / DT"), a SEBI registered Debenture Trustee, information pertaining...Regulations, 2015 read with Regulation 15 (1) (c) of the SEBI (Debenture Trustee) Regulations, 1993 (hereinafter referred to as 'DT Regulations, 1993). However, pursuant to his transfer, the undersigned was...issues. All 129 listed ISINs are privately placed issues and Vistra is debenture trustee for all ISINs. 5. During the examination period, it was noted that one of the two...

...for creation of security in favour of IDBI Trusteeship Services Private Limited as Debenture Trustee pursuant to Debenture Trustee Appointment Agreement and Debenture Trust Deed and other security...creating documents/debenture documents by way of mortgage/hypothecation/assignment on project assets for benefit of the Debenture Holders/Debenture Trustee/Lenders to the project. The petitioners have...above, in favour of Debenture Trustee/Lenders, acting on behalf of and for the benefit of the Debenture Holder/Lenders pursuant to Debenture Trust Deed and other security creating documents/Debenture...

...Electricity Act, 2003 for the creation of security interest over the Petitioner's Assets in favour of Respondent No. 15 as the Debenture Trustee acting for the benefit of the Debenture Holders...the Petitioner in favour of Respondent No. 15/ Debenture Trustee (or its replacement or successor) to secure the Petitioner's obligations towards the Debenture Trustee under the.... of the Petitioner in favour of Respondent No. 15/ Debenture Trustee (or its replacement or successor) to secure the Petitioner's obligations towards the Debenture Trustee under the...

...complaint under the Consumer Protection Act, 1986 (the ‘Act’) would be maintainable against a paid debenture-trustee for the failure of the Company in payment of periodical interest and/or the redemption...deficiency and can be proceeded against under the Act.However, the main question involved in these petitions is in which circumstances the debenture trustee would be liable to reimburse the...debenture-holders at all times and on noticing any default by the company, it has to take appropriate timely corrective action. A professional corporate trustee is liable for breach of trust if loss...

...Debenture Trustee on behalf of the Debenture Holders, for the Resolution of a debt of Rs. 255,07,26,925/- as on 02.02.2020 against Nobal Buildtech Private Ltd. (Corporate Debtor) has been dismissed on the...the debentures. The Appellant is the Debenture Trustee for the benefit of the Debenture Holders. 3. Since the issue involved in this case is in a very narrow...compass that is as to whether the application under Section 7, preferred at the instance of the Appellant being the Debenture Trustee is maintainable or not, Counsel for the Appellant has drawn our...

.... 8385 dated 27.08.2026 along with affidavit of Shri Mantu Kumar, Authorised Representative of the Petitioner/Debenture Trustee affirming that Mobisoft Telesolutions Private Limited and...BPEA India Credit Investment Trust II were the only Debenture holders of Debentures issued by the Corporate Debtor vide Debenture Trustee Agreement dated 01.03.2018. Mobisoft... 3. The said sole Debenture holder entered into a Settlement Agreement dated 23.03.2026 with the Corporate Debtor and the Debenture Trustee has been informed of...

...interest over all the movable and immovable assets of the Petitioner in favour of Debenture Trustee, by way of mortgage. And In the matter of: Kudgi...present petition for creation of security in favour of IDBI Trusteeship Services Limited as Debenture Trustee pursuant to the Debenture Trust Deed dated 27.6.2017 and by way of mortgage on project...interest, over the immovable assets of Petitioner No. 1 in favour of the Debenture Trustee i.e Petitioner No. 2 by way of mortgage. (b) Pass such other and further...

.... 8385 dated 27.08.2026 along with affidavit of Shri Mantu Kumar, Authorised Representative of the Petitioner/Debenture Trustee affirming that Mobisoft Telesolutions Private Limited and...BPEA India Credit Investment Trust II were the only Debenture holders of Debentures issued by the Corporate Debtor vide Debenture Trustee Agreement dated 01.03.2018. Mobisoft... 3. The said sole Debenture holder entered into a Settlement Agreement dated 23.03.2026 with the Corporate Debtor and the Debenture Trustee has been informed of...