Beacon Trusteeship Limited v. Neptune Ventures and Developers Private Limited

Recently, the National Company Law Tribunal, Mumbai (“NCLT”) vide its order dated 07.10.2021, held that no action under Section 7 of the Insolvency and Bankruptcy Code, 2016 (“IBC”) can be initiated due to non-payment of dues arising under a Debenture Trust Deed cum Indenture of Mortgage (“DTD”) if the financial creditor holds absolute right over the mortgaged property as its security interest and has agreed to a specific recourse for recovery of dues by way of enforcement of security created under the DTD.

Amicus Alert- Beacon Trusteeship Limited v. Neptune Ventures and Developers Private Limite

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