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2020 Supreme(Del) 792

C.HARI SHANKAR
Avantha Holdings Limited – Appellant
Versus
Vistra Itcl India Limited – Respondent


Advocates Appeared:
Mukul Rohtagi, Advocate, Jayant Mehta, Advocate, Pranay Chitale, Advocate, Kaushik Moitra, Advocate, Sneha Jaisingh, Advocate, Anurag Tandon, Advocate, Aniruddha Banerji, Advocate, Rajiv Nayar, Advocate, Manmeet Singh, Advocate, V.P. Singh, Advocate, Kartik Nayar, Advocate, Anugrah Robin Frey, Advocate, Kartik Bajpai, Advocate, Anindita Roychowdhury, Advocate, Raghav Chadha, Advocate

JUDGMENT

C Hari Shankar, J. - This petition, under Section 9 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as "the 1996 Act"), seeks pre-arbitration interim relief.

    Facts

2. The petitioner, Avantha Holdings Ltd., was in need of finances during 2016-2017. The Board of Directors of the petitioner, on 11th November, 2016, approved the borrowing of Rs. 1400 crores, by issuance of secured/unsecured non-convertible debentures on private placement basis. Consequent thereupon, the respondent M/s Vistra ITCL (India) Ltd. was appointed as Debenture Trustee, vide Debenture Trust Deeds dated 5th January, 2017.

3. On the same day, i.e. 5th January, 2017, two Debenture Trust Deeds, were executed, whereby 5650 non-convertible debentures, each with face value of Rs. 10 lakhs, and 7000 debentures, each with face value of Rs. 10 lakhs, were issued, in favour of a consortium of lenders comprising M/s KKR India Financial Services Pvt. Ltd. and KKR India Debt Opportunities Fund (referred to, collectively, as "KKR"), M/s L & T Finance Ltd., L & T Fincorp Ltd and Family Credit Ltd. (referred to, collectively, as "L & T") and M/s BOI AXA Corporate Credit Spectrum Fund ("BOI"), wh
































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