ORDER

[PER: SANJIV DUTT, MEMBER (TECHNICAL)]

1. BACKGROUND

1.1 This C.P. (IB) No.1260/MB/2022 (Main Application) is filed by Axis Trustee Services Limited [acting in its capacity as Debenture Trustee for and on behalf of Franklin Templeton Asset Management (India) Private Limited], the Financial Creditor, on 21.10.2022, under Section 7 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as “the Code”) read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (hereinafter referred to as “the AAA Rules”) for initiating Corporate Insolvency Resolution Process (hereinafter referred to as “CIRP”) in respect of Future Ideas Company Limited, the Corporate Debtor. Franklin Templeton Asset Management (India) Private Limited is the investment manager of Templeton Mutual Fund, which is the ultimate Debenture Holder.

1.2 The Debenture Holders, namely, ‘Franklin India Short Term Income Plan’ and ‘Franklin India Opportunities Fund’ subscribed to