Trustees to manage the affairs of debenture holders are debarred by SEBI from acting as intermediary of the trust in this matter, therefore, each debenture holder has to submit his claim to the IRP – Mr. Pankaj Agarwal  Vs. Partha Kamal Sen (IRP of Prism Infracon Ltd.)  – NCLT Kolkata Bench

An application under section 60(5) of the Code was filed seeking a direction to the IRP to accept the applicant as one of the members of the CoC as a representative of 86 debenture holders of the Corporate Debtor. The Adjudicating Authority noted that where the terms of financial debt provide for appointment of a trustee or agent to act as authorised representative for all Financial Creditors, such trustee or agent shall act on behalf of such Financial Creditors. However, trustees to manage the affairs of debenture holders are debarred by SEBI from acting as intermediary of the trust in this matter. Therefore, each debenture holder has to submit his claim to the IRP. However, section 21(6A) of the Code allows the class of creditors to appoint their representative to attend the CoC meeting. Accordingly, the Adjudicating Authority directed the IRP to allow the applicant to  act as representative of creditors.

Trustees to manage the affairs of debenture holders are debarred by SEBI from acting as intermediary of the trust in this matter, therefore, each debenture holder has to submit his claim to the IRP – Mr. Pankaj Agarwal  Vs. Partha Kamal Sen (IRP of Prism Infracon Ltd.)  – NCLT Kolkata Bench Read Post »