The appeal challenges the NCLAT's order which dismissed the appellant's appeal against the NCLT's decision to reject the Section 7 application under the IBC. The core issue revolves around whether Cumulative Redeemable Preference Shares (CRPS) constitute a 'financial debt' under the IBC.
EPC Constructions India Limited (formerly Essar Projects India Limited) entered into an engineering and construction contract with M/s Matix Fertilizers and Chemicals Limited on 11.12.2009.
Matix requested EPCC to convert outstanding amounts up to Rs. 400 crores into Non-Cumulative Redeemable Preference Shares (NCRPS) on 27.07.2015.
EPCC agreed to convert a portion of the receivables into CRPS via a board resolution dated 30.07.2015.
Matix allotted 25,00,00,000 8% Cumulative Redeemable Preference Shares of Rs 10/- each aggregating to Rs.250,00,00,000 to Essar Projects India Limited on 26th August, 2015.
Corporate Insolvency Resolution Process (CIRP) was initiated against the appellant on 20.04.2018.
…Sign in to view the parties.
EPC Constructions India Limited entered into…
Matix requested EPCC to convert…
The appeal challenges the NCLAT's order which dismissed the appellant's appeal against the NCLT's decision to reject the Section 7 application under the IBC. The core issue revolves around whether Cumulative Redeemable Preference Shares (CRPS) constitute a 'financial debt' under the IBC.
EPC Constructions India Limited (formerly Essar Projects India Limited) entered into an engineering and construction contract with M/s Matix Fertilizers and Chemicals Limited on 11.12.2009.
Matix requested EPCC to convert outstanding amounts up to Rs. 400 crores into Non-Cumulative Redeemable Preference Shares (NCRPS) on 27.07.2015.
EPCC agreed to convert a portion of the receivables into CRPS via a board resolution dated 30.07.2015.
Matix allotted 25,00,00,000 8% Cumulative Redeemable Preference Shares of Rs 10/- each aggregating to Rs.250,00,00,000 to Essar Projects India Limited on 26th August, 2015.
Corporate Insolvency Resolution Process (CIRP) was initiated against the appellant on 20.04.2018.
…EPC Constructions India Limited entered into…
Matix requested EPCC to convert…