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Compulsory convertible debenture (“CCDs”) occupies a unique and increasingly contentious space in corporate law and allied fields of practice. These instruments are structured to start as debentures as was fundamentally contemplated under in the language of Section 71 of the Companies Act 2013 (“Companies Act”) which treats Debentures as ‘debt’.

A decade back, investment would broadly be classified as either debt or equity. However, the rise of private credit in the last few years has witnessed the rise of convertible instruments as an extremely viable investment proposition offering investors the advantages of fixed returns as well as equity upside.

Obtaining an Environmental Clearance is critical for infrastructure, real estate, and manufacturing sector. Historically, project proponents have faced issues in getting Environmental Clearance not because there is an issue with their project but because the State Level Appraisal bodies have become non-functional due to expired tenures resulting in bulk transfer of pending applications to an already overburdened Central Authority.