Tikona Infinet settles CCD dues with L&T Finance, moves to exit insolvency process
Mumbai-based
Tikona Infinet Pvt Ltd
moves to settle its dues related to Series 'E'
Compulsorily Convertible Debentures
(CCDs) with
L&T Finance
Ltd, bringing closure to the
insolvency resolution
process against the broadband services provider.
The process for formal withdrawal of the insolvency petition from the
NCLT
is currently underway, said the company in its release.
'It was a dispute amongst the shareholders about Coupon Rights,' said Prakash Bajpai, founder and chief executive of
Tikona Infinet
, in a statement. 'I am glad to inform that a settlement agreement has been executed already, which will settle all disputes amicably between LTF Limited and the other majority shareholders. A withdrawal application to NCLT is under process,' he added.
The
Mumbai
bench of the National Company Law Tribunal (NCLT) had admitted Tikona Infinet under the
Corporate Insolvency Resolution Process
(CIRP) in an application filed by L&T Finance with the observation that even though certain CCDs are structured for conversion into equity, they may still be considered
financial debt
if the coupon payment obligation is absolute.
L&T Finance had approached the tribunal alleging a default of Rs 116.01 crore in unpaid coupon payments on Series 'E' Compulsorily Convertible Debentures (CCDs) by the company.
In the case, Tikona Infinet had maintained that the instruments in question were classified as equity securities and did not qualify as financial debt under the Insolvency and Bankruptcy Code. The company had also argued that the alleged coupon entitlements were subject to the availability of distributable cash and were like dividends, not debt.
L&T Finance had argued that the broadband internet provider defaulted on its dues in August 2024. The lender also argued that the company failed to honour the coupon payments on Series 'E' CCDs held by the petitioner.
In this case, senior counsel Mustafa Doctor, along with Murtaza Kachwalla of Argus Partners, appeared for L&T Finance, whereas Tikona Infinet was represented by advocate Shyam Kapadia and Munaf Virjee of law firm AMR Law.
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