After Dewan Housing Finance, India’s second largest housing finance company (HFC) is likely to default on payment of Rs 1,150 crore non-convertible debentures (NCDs) due to liquidity crunch. But one thing that has kept people puzzled is what the Non –Convertible Debentures are. So we are here to explain you everything about Non Convertible Debentures in all you need to know about it.