The Supreme Court of India, in a judgment dated October 28, 2025, has ruled that a holder of Cumulative Redeemable Preference Shares (CRPS) cannot be classified as a “financial creditor” under the Insolvency and Bankruptcy Code, 2016 (IBC). A bench of Justice J.B. Pardiwala and Justice K.V. Viswanathan dismissed Civil Appeal No. 11077 of 2025,
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