Debt converted into equity cannot be treated as Debt – NCLT is a summary court

Anup Jhunjhunwala Vs Adea Powerquips Private Limited (NCLT Kolkata)

on perusal of the Minutes of the Board of Meetings of the Corporate Debtor, the Corporate Debtor has admitted that loan was disbursed by the Financial Creditor to the Corporate Debtor and the Board of Directors resolved to convert such loan into equity shares. The same has been reflected in the audited Balance Sheet of the Corporate Debtor under the category of unsecured loan from Directors. The same amount has on 16 September 2019 been conv

Please become a Premium member. If you are already a Premium member, login here to access the full content.