Debenture trustee couldn’t be restrained from taking step against borrower who acknowledged default in payment

COMPANY LAW/ARBITRATION: Where petitioner had borrowed funds by issuance of secured/unsecured non-convertible debentures and later it defaulted in repayment on final redemption date of debentures and substantial part of pledged shares of petitioner were already disposed of and petitioner had acknowledged its failure to pay outstanding amounts in various communications with debenture trustee and subscribers, debenture trustee could not have been restrained from taking any steps against petitioner

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