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Optionally Convertible Debentures covered within the purview of financial debt
Case Law Details
- Case Name
- Santosh Kumar Vs ASK Trusteeship Services Private Limited (NCLAT New Delhi)
- Appeal Number
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- Date of Judgement/Order
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- Courts
- NCLAT
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Santosh Kumar Vs ASK Trusteeship Services Private Limited (NCLAT New Delhi)
NCLAT New Delhi held that Optionally Convertible Debentures (OCDs) are the financial debt within the meaning of section 5(8)(c) of the Insolvency and Bankruptcy Code (IBC). Accordingly, application filed u/s. 7 admissible.
Facts- A Debenture Subscription Agreement (DSA) was executed where the Financial Creditor, the Respondent No.1 subscribed to unlisted optionally convertible cumulatively secured debentures (OCD) aggregating to Rs. 125,00,00,000/- issued by the Corporate Debtor.
On 31.07.2021, the Corporate Debtor fai...
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