https://www.taxtmi.com/caselaws?id=407427 The tribunal held that the Cumulative Compulsorily Convertible Debentures (CCCDs) issued by the Corporate Debtor qualify as 'financial debt' under the Insolvency and Bankruptcy Code. The applicant's claim as a financial creditor was reinstated, and they were included in the Committee of Creditors. The tribunal found that the Resolution Professional acted beyond their powers by unilaterally rejecting the claim without due process, emphasizing the RP's role in verifying claims rather than adjudicating them. The tribunal allowed the application with these findings. en-us Mon, 26 Apr 2021 00:00:00 +0530 Tue, 11 May 2021 08:36:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407427 The tribunal held that the Cumulative Compulsorily Convertible Debentures (CCCDs) issued by the Corporate Debtor qualify as 'financial debt' under the Insolvency and Bankruptcy Code. The applicant's claim as a financial creditor was reinstated, and they were included in the Committee of Creditors. The tribunal found that the Resolution Professional acted beyond their powers by unilaterally rejecting the claim without due process, emphasizing the RP's role in verifying claims rather than adjudicating them. The tribunal allowed the application with these findings. Case-Laws Insolvency and Bankruptcy Mon, 26 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407427