The case involves an application filed by Merrill Lynch International seeking direction to the Resolution Professional to recognize their claim as a 'Financial Debt' under Section 5(8) of the Insolvency and Bankruptcy Code (I&B Code), 2016, and consequently, as a 'Financial Creditor' of Gemini Communication Limited, the Corporate Debtor undergoing CIRP. The applicant held Foreign Currency Convertible Bonds (FCCBs) issued by the Corporate Debtor. A dispute arose regarding the conversion of these FCCBs into equity shares, leading to a Civil Suit and a subsequent Memorandum of Compromise. The Committee of Creditors (CoC) rejected the Applicant's claim, leading to the present application before the NCLT.
Merrill Lynch International held Foreign Currency Convertible Bonds (FCCBs) issued by Gemini Communication Limited. A Trust Deed was executed with the Bank of New York Mellon as Trustee. The FCCBs matured on 18.07.2012, with a conversion right exercisable by 18.06.2012. The Applicant did not exercise this right. On 01.11.2012, the Corporate Debtor allotted 19,746,885 Equity Shares to the Applicant without prior notice. The Applicant filed a Civil Suit challenging this. A Memorandum of Compromise was executed on 30.03.2017, agreeing to restore the Applicant as a FCCBs holder. The City Civil Court decreed the suit on 04.04.2017, but an error in the decree led to a Civil Revision Petition. The High Court of Madras allowed the revision on 07.03.2018. The Applicant filed
…Sign in to view the parties.
Subscription Agreement…
Trust Deed executed…
The case involves an application filed by Merrill Lynch International seeking direction to the Resolution Professional to recognize their claim as a 'Financial Debt' under Section 5(8) of the Insolvency and Bankruptcy Code (I&B Code), 2016, and consequently, as a 'Financial Creditor' of Gemini Communication Limited, the Corporate Debtor undergoing CIRP. The applicant held Foreign Currency Convertible Bonds (FCCBs) issued by the Corporate Debtor. A dispute arose regarding the conversion of these FCCBs into equity shares, leading to a Civil Suit and a subsequent Memorandum of Compromise. The Committee of Creditors (CoC) rejected the Applicant's claim, leading to the present application before the NCLT.
Merrill Lynch International held Foreign Currency Convertible Bonds (FCCBs) issued by Gemini Communication Limited. A Trust Deed was executed with the Bank of New York Mellon as Trustee. The FCCBs matured on 18.07.2012, with a conversion right exercisable by 18.06.2012. The Applicant did not exercise this right. On 01.11.2012, the Corporate Debtor allotted 19,746,885 Equity Shares to the Applicant without prior notice. The Applicant filed a Civil Suit challenging this. A Memorandum of Compromise was executed on 30.03.2017, agreeing to restore the Applicant as a FCCBs holder. The City Civil Court decreed the suit on 04.04.2017, but an error in the decree led to a Civil Revision Petition. The High Court of Madras allowed the revision on 07.03.2018. The Applicant filed
…Subscription Agreement…
Trust Deed executed…