https://www.taxtmi.com/caselaws?id=787284 Construction of contractual conversion and put-option clauses determined the outcome: a deeming clause in the debenture trust deed does not extinguish the debenture holder's status unless statutory allotment and corporate steps (increase of authorised capital, ROC filings, allotment entries, depository credit) are completed, and conversion therefore requires actual statutory compliance; failure to effect conversion and inactive ISIN meant an event of default arose and the put option could validly be exercised after tenor expiry, so the Section 7 petition was properly admitted and the appeal against admission dismissed. en-us Wed, 25 Feb 2026 00:00:00 +0530 Mon, 02 Mar 2026 15:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=787284 Construction of contractual conversion and put-option clauses determined the outcome: a deeming clause in the debenture trust deed does not extinguish the debenture holder's status unless statutory allotment and corporate steps (increase of authorised capital, ROC filings, allotment entries, depository credit) are completed, and conversion therefore requires actual statutory compliance; failure to effect conversion and inactive ISIN meant an event of default arose and the put option could validly be exercised after tenor expiry, so the Section 7 petition was properly admitted and the appeal against admission dismissed. Case-Laws IBC Wed, 25 Feb 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=787284