The Supreme Court bench comprising Justice Dhananjaya Y Chandrachud, Justice Surya Kant and Justice A S Bopanna allowed retroactive application of SEBI Circular on Standardisation of procedure to be followed by Debenture Trustee in case of default by issuers of listed debt securities. Court's Analysis The RFCL stated that the SEBI Circular would be applicable only if the debenture holders …
