Appeals dismissed; Deed of Security dated 20.03.2020 discharged prior financing obligations; Security Agreement created only additional security

SC dismissed the appeals and upheld the impugned order, agreeing with the adjudicating authority and NCLAT that the application had been properly allowed. The court held the Security Agreement created only additional security, and the mutually agreed Deed of Security dated 20.03.2020 discharged prior obligations under the financing document, Consent Term, and Amendment Agreement so that no claim of financial debt survived beyond that deed. There was no error warranting interference.

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"After having heard the learned senior counsel appearing for the appellants, we find no reason to interfere with the impugned order. The appeals are accordingly dismissed." The court considered submissions and affirmed the impugned order without altering its substance, finding insufficient grounds for interference. The disposition is a straight dismissal of the appeals, thereby leaving the lower order intact and enforceable. No ancillary directions or remittal were issued; the judgment rests on the absence of legal or factual error warranting appellate intervention.

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