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Supreme Court Holds That Compulsorily Redeemable Preference Shares Create a Financial Debt: “Commercial Effect of Borrowing Is the Governing Test — Substance Prevails Over Form”
Court’s Decision The Supreme Court held that investment made through Compulsorily Redeemable Preference Shares (CRPS) constitutes a financial debt under the Insolvency and Bankruptcy Code because such instruments embody the…
