Home Case Index All Cases Companies Law Companies Law + HC Companies Law - 2011 (3) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2011 (3) TMI 1559 - BOMBAY HIGH COURTPetition for winding up - claims of unsecured creditors - debt through CDR mechanism - trustee is not a creditor - early redemption of Zero Coupon Convertible Bonds - it is apparent that the petition is presented by the petitioner BNY Corporate Trustee Services Ltd. It has pointed out that the claim as stated in the petition arises out of the early redemption of Zero Coupon Convertible Bonds. the company proposed and/or applied for restructuring of its debts and/ or for a composition and/or arrangement with creditors and/or for the benefit of certain creditors to the corporate debt restructuring (CDR) cell in India. The petitioner is filing this petition in its capacity as a trustee for the Bondholders and in discharge of its obligations as a trustee. HELD THAT:- In this case, there may be participation of some bondholders in the scheme and they may choose to wait for settlement of their dues but by that itself and without anything more, this court cannot in the garb of refusing to entertain the winding up petition, issue any directive or require the petitioners to wait in queue for settlement of their dues, if the petitioner does not choose to do so. Moreover, it is not the case of respondent that the petitioner has accepted the CDR scheme or has participated in the same. Merely because the company finds that it is feasible and some other creditors may have agreed with that view, does not mean that the petitioner can be directed to join the said scheme or the petition at its instance can be dismissed straightaway. The argument on feasibility of the scheme also need not be gone into nor the objection that the scheme is being implemented by giving preference to some creditors and such preference is fraudulent in nature requires any answer. Once a view is taken that the petition cannot be dismissed merely because the scheme is proposed and is being implemented, then, all other contentions are of assistance to the company. In the result the company petition is admitted.
|