Both the National Company Law Tribunal and the National Company Law Appellate Tribunal (" NCLAT ") disagreed with IFCI. In its judgment, the NCLAT reasoned that since CCDs do not contemplate repayment of the principal amount, they must be regarded as equity and not debt. To reach this holding, the NCLAT relied on the ' repayment of principal' test laid down by the Supreme Court in Narendra Kumar Maheshwari v. Union of India (" Narendra Kumar Maheshwari ").