Latest news with #PrakashBajpai
Time of India
13-05-2025
- Business
- Time of India
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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Business Standard
12-05-2025
- Business
- Business Standard
Tikona Infinet resolves dispute regarding debt payments with L&T Finance
Internet service provider Tikona Infinet on Monday announced that they have entered into a definitive settlement agreement with L&T Finance Limited to resolve the dispute on debt bonds. The announcement came after the National Company Law Tribunal (NCLT), Mumbai Bench, earlier admitted an application filed by L&T Finance against Tikona Infinet, citing default on coupon payments for CCDs. Tikona Infinet said the pact was signed on May 10, bringing closure to a previously reported shareholder matter related to Series 'E' Compulsorily Convertible Debentures (CCDs), following which L&T Finance has started the process to withdraw its application. "It was a dispute amongst the shareholders about Coupon Rights. I am glad to inform you that a settlement agreement has already been executed, which will settle all disputes amicably between LTF Limited and the other majority shareholders. A withdrawal application to the NCLT is under process," Tikona Infinet founder and CEO Prakash Bajpai said. An email query sent to L&T Finance elicited no immediate reply. The tribunal had observed 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, Tikona Infinet said in a statement. Tikona Infinet had maintained in its legal filings 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 further argued that the alleged coupon entitlements were subject to the availability of distributable cash and were in the nature of dividends, not debt. Following internal discussions among all relevant parties and stakeholders, both sides have reached a mutually agreeable settlement. The process for formal withdrawal of the insolvency petition from the NCLT is currently underway, the statement said. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Time of India
12-05-2025
- Business
- Time of India
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. #Operation Sindoor The damage done at Pak bases as India strikes to avenge Pahalgam Why Pakistan pleaded to end hostilities Kashmir's Pahalgam sparks Karachi's nightmare 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. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Belly Fat Removal Without Surgery in Morocco: The Price Might Surprise You Belly Fat Removal | Search Ads Get Info Undo 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. Live Events 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.
