The bankruptcy court has dismissed an application filed by IDBI Trusteeship Services Ltd to initiate the corporate insolvency resolution process (CIRP) against Dish TV‘s promoter group company Direct Media Distribution Ventures Pvt Ltd.
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 …
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