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SC: Person Having Security Interest Over Property of Corporate Debtor Not 'Financial Creditor' - (27 Feb 2020)

INSOLVENCY

Supreme Court has upheld the order of National Company Law Tribunal which cancelled the mortgages made by Jaypee Infratech Ltd to secure the debts of its holding company Jaiprakash Associates Ltd. The Court has held that a person having only security interest over the property of the corporate debtor cannot be regarded as its "financial creditor".

Tags : SUPREME COURT   MORTGAGE BY CORPORATE DEBTOR TO SECURE DEBTS  

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