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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 Partners Adity Chaudhury and Murtaza Kachwalla and also comprised Principal Associate S.M. Algaus, Associates Aarti Sonawane & Satvik Tejasvi. The team was assisted by Associates Tanu Kankariya and Mahek Shivnani. Partner Arka Majumdar provided strategic inputs.
The matter was supervised by Managing Partner Krishnava Dutt.
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