respondent no.3.
The Court: The debenture trustee instead of discharging its function as a
debenture trustee has taken a stand which creates a genuine ... mind
of the Court that the debenture trustee is not acting impartially. The debenture trustee
has contended through his counsel that this Court
claim by debenture trustee. It is not in dispute that the plaintiff has filed a
suit as a debenture trustee. At the time of institution ... Under the
amended provision, financial institution means a debenture trustee registered with the
Board and appointed for secured debt securities. The opposition to this application
Maturity Date.
f) The respondent no.2 would act as Debenture Trustee appointed by
the Board of Directors of respondent no.1 on December ... 10th Februry, 2017 by the respondent no.2 acting
as Debenture Trustee. Though the respondent no.1 paid the stipulated interest
amount on the NCDs
Liquidator the original
debenture certificates in support of its claim.
Mr. Shekhar B. Saraf, learned Counsel appearing on
behalf of Debenture Trustee, submitted that IDBI ... shall be released in favour of the debenture
trustee within ten days after verification. Debenture Trustee on receipt of the
amount payable to NIC shall
appellant in payment in terms of the Debenture
Trust Deed dated 24th March, 2021 the Debenture
Trustee had invoked the deed of guarantee dated
24th ... guarantor paid
2
the default amounts to the respondent no.2,
debenture trustee. Presently a sum of over Rs.18
crores is due and payable
debenture trustee, namely, ICICI Bank Ltd.
within a week from date. The debenture trustee on receipt of the said amount shall
distribute the said amount
debenture trustee represented by Mr. Saraf, learned counsel,
prays for time to file an affidavit. An affidavit by the debenture trustee shall be filed
within
petitioner
Mr. Sakya Sen,
Mr. Kuldip Mallik,
Ms. Debasri Dutta, Advs.
...for debenture holders
Mr. S.B. Saraf,
Mr. G.N. Jajodia, Advs.
...for respondent ... adjudication, particularly with regard to interest. The
debenture holders shall forward their claims to the debenture trustee for
onward transmission to the Official Liquidator
Summons. The adjudicated amount shall be paid to the debenture
trustee within 15 days from the date of adjudication.
C. A. 575 of 2016 stands
