Optionally Convertible Debentures are Financial Debt u/s 5(8)(c) of IBC: NCLAT

Optionally Convertible Debentures are Financial Debt u/s 5(8)(c) of IBC, rules NCLAT
By Kalyani B. Nair - On February 1, 2024 9:14 pm - 2 mins read
Optionally Convertible Debentures - Financial Debt 58(cIBC - NCLAT - TAXSCAN

The New Delhi Bench of the National Company Law Appellate Tribunal ( NCLAT ) observed that the Optionally Convertible Debentures are Financial Debt under Section 5(8)(c) of the Insolvency and Bankruptcy Code, 2016 (IBC). 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…

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