Insolvency and Bankruptcy

NCLT Bench rules Preference Shareholders not recognized as Financial Creditors On August 29, 2023, the Kolkata bench of the National Company Law Tribunal (NCLT) has 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 […]

Introduction  Recently, in a landmark judgment, the Supreme Court of India (the “SC”), via its order dated: November 09, 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