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NATIONAL COMPANY LAW APPELLATE TRIBUNAL
ASHOK BHUSHAN, J
Indian Renewable Energy Development Agency Limited – Appellant
Versus
Waaree Energies Limited – Respondent
| Table of Content |
|---|
| 1. appeal against the acceptance of financial creditor status. (Para 1 , 2) |
| 2. arguments regarding debt classifications of ccds. (Para 4 , 5) |
| 3. court’s analyses of debenture subscription terms. (Para 7 , 23) |
| 4. rules on the nature of ccds as financial debt. (Para 18 , 19) |
| 5. final decision regarding the dismissal of the appeal. (Para 26) |
JUDGMENT
ASHOK BHUSHAN, J.
This Appeal has been filed challenging order dated 29.05.2024 passed by National Company Law Tribunal, New Delhi (Court-II) in IA No.2068 of 2023 in CP (IB) No.360 (ND)/2021. IA No.2068 of 2023 filed by Respondent No.1 herein was disposed of accepting the claim of Respondent No.1 of a Financial Creditor and restoring its seat in the Committee of Creditors (“CoC”). The Appellant aggrieved by the order has come up in this Appeal.
2. Brief facts of the case necessary for deciding the Appeal are:
(i) The Appellant had sanctioned financial assistance to the Corporate Debtor (“CD”) – M/s Taxus Infrastructure and Power Projects Pvt. Ltd. On account of default committed by the CD, the Appellant filed an Application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the “IBC”)
(ii) The
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