Insolvency petition based on admitted debt and default upheld; challenge for malicious initiation rejected, settlement may proceed under resolution fr...
Quashing of FIR and challenge to ECIR over alleged diversion of funds and preferential ESOP pricing dismissed after prima facie money-laundering findi...
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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