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J. B. PARDIWALA, K. V. VISWANATHAN
EPC Constructions India Limited Through Its Liquidator - Abhijit Guhathakurta – Appellant
Versus
Matix Fertilizers And Chemicals Limited – Respondent
| Table of Content |
|---|
| 1. challenge to nclat decision on dismissal of insolvency appeal (Para 1 , 2) |
| 2. contractual background of crps conversion (Para 4 , 5 , 6 , 7 , 8) |
| 3. dismissal of nclt application for debt recovery (Para 10 , 11 , 12) |
| 4. crps does not constitute debt under company law (Para 19 , 20 , 21 , 28 , 29) |
| 5. final judgment dismisses appeal (Para 50) |
JUDGMENT :
K.V. Viswanathan, J.
1. The present appeal calls in question the correctness of the judgment and order dated 09.04.2025 passed by the National Company Law Appellate Tribunal (for short the ‘NCLAT’) in Company Appeal (AT) (Insolvency) No. 1424 of 2023. The NCLAT dismissed the appeal of the appellant and confirmed the order dated 29.08.2023 passed by the Adjudicating Authority-National Company Law Tribunal (for short the ‘NCLT’), Division Bench, Court No.II, Kolkata. The NCLAT had dismissed the application of the appellant filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (for short the ‘IBC’).
2. Both the NCLT and the NCLAT held that the Cumulative Redeemable Preference Shares (for short ‘CRPS’) held by the appellant is in the nature of an investment and not a debt. It further held that since payment against
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