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Jan 30, 2026

SC Holds that Amounts Paid Towards Preference Shares Are Not Loans and Do Not Qualify as Debt Under IBC

The SC, in EPC Constructions India Ltd. v. Matix Fertilizers & Chemicals Ltd.,[1] has, inter alia, held that preference shares are part of a company’s share capital and therefore, the amounts paid towards preference shares are not loans and consequently do not qualify as ‘debt’ under IBC. The Court also held that non-redemption of preference shares does not make the preference shareholder a financial creditor of the company.

[1] EPC Constructions India Ltd. v. Matix Fertilizers & Chemicals Ltd., 2025 SCC OnLine SC 2293.

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These are the views and opinions of the author(s) and do not necessarily reflect the views of the Firm. This article is intended for general information only and does not constitute legal or other advice and you acknowledge that there is no relationship (implied, legal or fiduciary) between you and the author/AZB. AZB does not claim that the article's content or information is accurate, correct or complete, and disclaims all liability for any loss or damage caused through error or omission.

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