Monitoring of repayment obligations: trustees must verify issuer payment status and promptly report it to credit rating agencies. Debenture trustees must maintain systems to verify interest and principal payments and, before each due date, seek ISIN-wise confirmation from issuers and inform CRAs. Trustees must provide ISIN-wise updates to CRAs by one day after the due date indicating payment made, delay/default, or no information; if information is initially unavailable, trustees must update CRAs when it becomes available, and must use multiple sources and periodic reports to ascertain payment status.
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Provisions expressly mentioned in the judgment/order text.
Monitoring of repayment obligations: trustees must verify issuer payment status and promptly report it to credit rating agencies.
Debenture trustees must maintain systems to verify interest and principal payments and, before each due date, seek ISIN-wise confirmation from issuers and inform CRAs. Trustees must provide ISIN-wise updates to CRAs by one day after the due date indicating payment made, delay/default, or no information; if information is initially unavailable, trustees must update CRAs when it becomes available, and must use multiple sources and periodic reports to ascertain payment status.
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