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Insolvency and BankruptcyApril 19, 2024Case LawsAT
Approval of Resolution Plan - whether the Appellant is secured creditor of the Corporate Debtor or not? - The Tribunal noted that the appellant based their claim on sanction letters and other documents which did not explicitly create a security interest over the corporate debtor’s assets directly. It was highlighted that the mortgages were held by guarantors, not the corporate debtor, and the registration of such charges was not adequately completed as per the requirements of the Companies Act, 2013. The NCLAT dismissed the appeal, upholding the resolution plan and affirming the decision of the lower tribunal.
Approval of Resolution Plan - whether the Appellant is secured creditor of the Corporate Debtor or not? - The Tribunal noted that the appellant based their claim on sanction letters and other documents which did not explicitly create a security interest over the corporate debtor’s assets directly. It was highlighted that the mortgages were held by guarantors, not the corporate debtor, and the registration of such charges was not adequately completed as per the requirements of the Companies Act, 2013. The NCLAT dismissed the appeal, upholding the resolution plan and affirming the decision of the lower tribunal.
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