Supreme Court of India
Securities and Exchange Board of India v. Rajkumar Nagpal & Ors
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
We are of the opinion that the SEBI Circular has retroactive application.
Judgment, page 50
From the headnote
SEBI (Debenture Trustees) Regulations 1993 – Compan ies Act 1956 – S. 391 (s. 230 Analogous provision, Pres ent law) – Company Act 2013 – SS. 1(4), 430 – Recovery of Debts – Resol ution Plan – Debenture Holders – Debenture Trust Deeds – Reliance Commercial Finance Limited (RCFL) issued Non-Conver tible Debentures to various persons – Vistra ITCL was the Debenture Trustee – RCFL committed default under the Debenture Trust Deed on March 4, 2019 – On June 07, 2019, a RBI circular provided that certain lenders may opt for a resolution strategy available t o them under the existing legal
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