The right of NCD holders (either secured or unsecured) are the following:
The NCD holders have the rights to file a lawsuit against the company for interest and principal repayment.
They can also file an application concerning compulsory dissolution.
In the case of the company winding up its operations, the NCD holders can claim the principal repayment.
The rights of secured NCD holders:
Investors can file a lawsuit for compulsory dissolution through the DT (Debenture Trustee).
They can also file the suit for the sale of property of the company.
NCD holders can restrict the company after getting an injunction from the court and limit the sale of properties.
The investors can also appoint a liquidator and get the charge for the repayment purpose if the trustee is permitted.
If the charged assets of the company are not equal to full payment, the holder can file a lawsuit against the balance payment.