NCLT Admits Section 7 Application to Initiate CIRP; Financial Creditor's Acceleration Notice Deemed Justified Over Debenture Trustee's Role.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Initiation of CIRP - NCLT admitted the application filed u/s 7 - status / locus of Debenture Trustee - assignment of debt - After looking into the different clauses of the Debenture Trust Document and Inter-Creditor Agreement, it is clear that the Financial Creditor was fully entitled to issue Acceleration Notice issued on 26.07.2022. The Debenture Trustee having already issued Notice of Demand on 13.07.2022, the argument of the Appellant that action has to be taken by Debenture Trustee loses its significance - AT....