Maintainability of a Section 7 insolvency petition against a financial service provider denied; appeal dismissed for non maintainability and complex d...
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The Court held that modification or waiver of a debenture trust deed required compliance with its express written-waiver procedure, so unilateral communications with a single debenture holder cannot bind absent the prescribed written document; estoppel against other debenture holders thus failed. The debenture trustee's duty is to protect debenture holders' interests, and adverse findings of collusion were unsupported. Concurrent findings by NCLT/NCLAT were interfered with for perversity where they reframed the DTD on conjecture. The petition by the debenture trustee under Section 7 was held to be admitable.
The Court held that modification or waiver of a debenture trust deed required compliance with its express written-waiver procedure, so unilateral communications with a single debenture holder cannot bind absent the prescribed written document; estoppel against other debenture holders thus failed. The debenture trustee's duty is to protect debenture holders' interests, and adverse findings of collusion were unsupported. Concurrent findings by NCLT/NCLAT were interfered with for perversity where they reframed the DTD on conjecture. The petition by the debenture trustee under Section 7 was held to be admitable.
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