Insolvency and Bankruptcy

Preference Shareholders Not Recogonised as Financial Creditors

Preference Shareholders Not Recogonised as Financial Creditors

NCLT Bench rules Preference Shareholders not recognized as Financial Creditors On August 29, 2023, the Kolkata bench of the National Company Law Tribunal (NCLT) issued a ruling in the case of EPC Constructions India Limited vs. M/S Matix Fertilizer and Chemicals Limited, stating that preference shareholders who hold Non-Cumulatively Redeemable Preference Shares (NCRPS) cannot be …

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Scrutinising CCDs through the lens of IBC: Has the Supreme Court ended the debate?

Scrutinising CCDs through the lens of IBC: Has the Supreme Court ended the debate?

Introduction  Recently, in a landmark judgment, the Supreme Court (the “SC”) on November 9, 2023 in the case of IFCI Limited vs Sutanu Sinha and Ors, while upholding the order of National Company Law Appellate Tribunal (“NCLAT”) held that Compulsorily Convertible Debentures (“CCDs”) should be treated as equity under Insolvency and Bankruptcy Code, 2016 (the …

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