IN THE NATIONAL COMPANY LAW TRIBUNAL

ALLAHABAD BENCH, PRAYAGRAJ

________________________________________________________________

CP NO.67/ALD/2021 IN THE MATTER OF:

[An application under Section 71(10) of the Companies Act, 2013]

IN THE MATTER OF:

IDBI Trusteeship Services Limited

Ground Floor 17, Asian Building,

R. Kamani Marg, Ballard Estate,

Mumbai-400 001

…. Debenture Trustee/Applicant

AND

Margdarshak Financial Services Limited.

118 Dayal Farm, Ganeshpur-Rehmanpur,

Chinhat, Dewa Road,

Lucknow (UP) - 226 028

...Company/Respondent

Order pronounced on 2^nd May, 2024

CORAM:

Mr. Praveen Gupta : Member (Judicial)

Mr. Ashish Verma : Member (Technical)

APPEARANCES :

Sh. Kartikeya Saran, with : For the Petitioner Sh. Parthasarathy Bose & Sh. Lakshay Kumar, Advs.

Respondent : Ex-parte v.o.d. 14.03.2024

ORDER

1. This application has been filed by IDBI Trusteeship Services Limited (hereinafter referred as the “applicant”) seeking the following prayer:

i. Direct the respondent to make repayment of the aforesaid debentures along with interest and other charges due thereon, in accordance with the terms and conditions of the Debentures i.e. an amount of Rs.21,84,18,974.18 [Rupees Twenty One Crore Eighty Four Lakh Eighteen Thousand Nine Hundred Seventy Four and Eighteen Paise] as on

02.09.2021 as per Annexure A-13;

ii. Pending the hearing and disposal of the captioned application, direct the Respondent to deposit the claim amount of Rs.21,84,18,974.18 [Rupees Twenty One Crore Eighty Four Lakh Eighteen Thousand Nine Hundred Seventy Four and Eighteen Paise] as on 02.09.2021 (as per Annexure A - 13) with the Registry of this Hon'ble Tribunal;

iii. Alternatively, pending the hearing and disposal of the captioned application, pass an order injuncting the Respondent from alienating, disposing of or creating any third-party rights or otherwise dealing with any of its assets, whether moveable or immoveable, tangible or intangible;

iv. Pending the hearing and disposal of the captioned application, pass an order directing the Respondent to disclose on oath details of all their movable and immovable assets as well as their bank accounts;

v. Pending the hearing and disposal of the captioned application, pass an order directing freezing of all bank accounts of the Respondent;

vi. Pending the hearing and disposal of the captioned application, direct the Respondent to disclose on Affidavit its receivables in terms of the Deed of Hypothecation;

vii. Pending the hearing and disposal of the captioned application, pass and order directing Mr. Rahul Mitra, (Managing Director of the Respondent and Ms. Saroj Topno (Chief Financial Officer of the Respondent), respectively to surrender their passports with the registry of this Hon’ble Tribunal and they may further be restrained from leaving the country; and viii. Pass any other order as this Hon’ble Tribunal may deem fit in the facts and circumstances of the case.

2. The Applicant is involved in providing trusteeship services and is registered with the Securities and Exchange Board of India (`SEBI') as a Debenture Trustee under the SEBI (Debenture Trustees) Regulations, 1993.

3. The Respondent, on the other hand, is categorized as a Category B, non-deposit taking Non-Banking Finance Company and Micro Finance Institution (`NBFC-MFI'), primarily operating in Northern India with a focus on financial inclusion.

4. In the case at hand, the Debenture Holder is Japan ASEAN Women Empowerment Fund (`JAWEF'), a blended fund aiming to empower women in the ASEAN region through investments in a diversified portfolio, mainly comprising microfinance debt and subordinate debt instruments. JAWEF is officially enrolled with SEBI according to the SEBI (Foreign Portfolio Investors) Regulations of 2019. It was established in 2016 with the endorsement of the Japanese government, under the management of Blue Orchard Finance Ltd., an international impact investment firm headquartered in Zurich, Switzerland.

5. It has been averred in the application that the applicant had