https://www.taxtmi.com/caselaws?id=425871 A debenture subscription agreement and debenture trust deed were held not to have been novated by the alleged settlement, because the settlement minutes covered only specifically recorded liabilities and the debtor's later conduct showed the debenture liability continued. The debt therefore remained enforceable and in default. An objection that the documents suffered from insufficient stamp duty also failed, as a section 7 insolvency proceeding is a summary process for establishing debt and default, and stamping issues did not bar reliance on the instruments for that limited purpose. The section 7 application was upheld and the appeal failed. en-us Tue, 02 Aug 2022 00:00:00 +0530 Tue, 02 Aug 2022 21:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=425871 A debenture subscription agreement and debenture trust deed were held not to have been novated by the alleged settlement, because the settlement minutes covered only specifically recorded liabilities and the debtor's later conduct showed the debenture liability continued. The debt therefore remained enforceable and in default. An objection that the documents suffered from insufficient stamp duty also failed, as a section 7 insolvency proceeding is a summary process for establishing debt and default, and stamping issues did not bar reliance on the instruments for that limited purpose. The section 7 application was upheld and the appeal failed. Case-Laws Insolvency and Bankruptcy Tue, 02 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=425871