Secured NCD redemption must honor debenture holders' rights; resolution plan not finalized cannot compromise them.

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....Redemption of Secured Non-Convertible Debentures (NCDs) - Scope of Resolution plan - The statutory rights of the debenture holders cannot be sacrificed and jeopardized, under the garb of facilitating the Resolution Plan, which is yet to see the light of the day. The ends of justice certainly would not encourage or sanction such a contingency. Besides the Resolution of R1 and the rights of the Petitioner under Section 71(10) are independent of each other. - Tri....