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We are pleased to announce that Argus Partners successfully represented L&T Finance before the National Company Law Tribunal (“NCLT”), Mumbai in commencing corporate insolvency proceedings against Tikona Infinet arising from defaults in connection with compulsorily convertible debentures (“CCDs”) held by L&T Finance and coupon rights attached to them.
In a significant decision, NCLT, Mumbai agreed that “CCDs can be hybrid instruments and can have the effect of debt inherent in them.”
The team at Argus Partners advising L&T Finance was led by Adity Chaudhury (Partner) and Murtaza Kachwalla (Partner) and also comprised S.M. Algaus (Principal Associate), Aarati Sonawale and Satvik Tejasvi (Associates). The team was assisted by Tanu Kankariya and Mahek Shivnani (Associates). Arka Majumdar (Partner) provided strategic inputs.
The matter was supervised by Krishnava Dutt (Managing Partner).
Read more at: Economic Times, BusinessLine.