Former Dish TV chairman and MD Jawahar Goel, along with his family, is a promoter of Dish TV. Goel is Essel Group chairman Subhash Chandra’s younger brother.
The plea was filed by the debenture trustee on behalf of Franklin Templeton Asset Management (India) Pvt Ltd, which had acquired non-convertible debentures of nominal value of ₹425 crore issued by Essel Infraprojects Ltd in 2015.
Direct Media had issued a corporate guarantee for Essel’s obligations.
On the basis of the guarantee last year in July, the debenture trustee approached the Mumbai bench of the NCLT to admit Direct Media Distribution Ventures after it allegedly defaulted on its dues of over ₹599 crore, which includes interests.
Countering the petition, counsel Nausher Kohli argued that since the debentures matured on May 22, 2020, and since Direct Media’s guarantee was invoked on June 12, 2020, the date of default occurred during the suspension period, which bars the admission of any insolvency petition.
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