Respondent No.1 subscribed to
unlisted optionally convertible cumulatively secured debentures
(OCD) aggregating to Rs.125,00,00,000/- issued by the
Corporate Debtor. Various ... redemption date.
iii. On 31.07.2021, the Corporate Debtor failed to redeem the OCDs.
The Financial Creditor issued a notice dated 05.02.2022 to the
Corporate Debtor
subscribing to 10,200,000 'Optionally Convertible Debentures'
("OCD" for short) of the 'Corporate Debtor ... OCD' (in
February 2017) for an aggregate consideration of Rs.102 Crores.
4. Further, the case of the Appellant is that separately and independent
only)
in appellant no. 1 against the issuance of optionally convertible debentures
(OCD's). The appellants apprehending that the investment to the tune ... consequent issuance of OCDs may topple the
leverage ratio took a legal opinion from A. Abhinav and Associates Company
Secretary which was accordingly given
Crores by subscribing to 10,200,000 Optionally Convertible
Debentures (OCDs) of Respondent No.4 at Rs.100/- per OCD (in February ... Insolvency and Bankruptcy Code,
2016 with regard to bridge loan relating to OCDs, which related to a bridge
Company Appeal
much as :-
(a) The debt is in respect of Optionally Convertible Debentures (OCD) of
Rs. 10 each held by the Financial Creditor (after the redemption ... OCD; this unpaid total OCDs being 13, 49,36,343 valued at
a Rs. 134,93,63,430/-.
(b) The debt is also in respect
also
submitted some other case laws but most of them pertain
to OCD or debentures and not to CCD which are
entirely different in nature ... clearly distinguishes
Non Convertible Debentures (NCTs) and Optionally Convertible Debentures
(OCDs) from CCDs and treats the NCDs and OCDs as 'Debt'. This Tribunal
much as :-
(a) The debt is in respect of Optionally Convertible Debentures (OCD) of
Rs. 10 each held by the Financial Creditor (after the redemption ... OCD; this unpaid total OCDs being 13, 49,36,343 valued at
a Rs. 134,93,63,430/-.
(b) The debt is also in respect
RISPL'/ '4th Respondent), by subscribing to `Optionally
Convertible Debentures' (`OCDs'), issued by the '4th Respondent' /
'RISPL', amounting ... Crores. In fact, the `Original Lender',
had subscribed to `OCDs', amounting to Rs.269.40 Crores and `L & T
Infra Investment Partners
from recoveries of underlying
assets of SEFL
B Optionally Convertible 8000
Debentures (OCDs) from
SEFL
TOTAL 14,867.50
Approving Financial Creditors shall also be entitled ... recovered beyond the amounts
required to repay SEFL NCDs and SEFL OCDs.
*Estimated fair value of equity post implementation
**Security receipts of upto
roll. The Workmen Payment shall be paid from the OCD Consideration,
to be infused by the Resolution Applicant.
3.5 List of exact payment to Workmen
