bondholders strategy, page-5

That's exactly where you are wrong again, abobo. Look at the Court record and the Subscription Agreement.

IFCA supplied evidence to the Court and the bondholders that it had access to the funds and will be depositing them into a Chemeq trust account on the 18th of May. The bondholders were not satisfied those funds would ever find their way to Chemeq.

It is precisely the same as someone not accepting a cheque because it is not going to be cleared for 5 more days. In this case of a large international finance transaction, presumably the waiting period happens to be a little longer.

If the Court had agreed to waive the clearance time, IFCA could have started due diligence sooner.

It was a specific Order of the Court that due dilience should not start. If such work were undertaken, however minimal, the bondholders could have applied to appoint a receiver.