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NCLAT applied the doctrine of priority under Section 48 of TP Act, affirming UCO Bank Consortium's first pari-passu charge over the Corporate Debtor's movable assets. The Tribunal rejected the Respondent's claim based on ROC registration, determining that the 8th Supplemental Deed of Working Capital Consortium Agreement established UCO Bank Consortium's priority. Referencing precedents including J.M. Financial Asset Reconstruction Company Ltd case, the Tribunal held that only one secured creditor can enforce realization rights, and the Respondent failed to sufficiently identify charged assets under Section 52 of the Code. Consequently, the appeal was allowed in favor of the Appellant.
NCLAT applied the doctrine of priority under Section 48 of TP Act, affirming UCO Bank Consortium's first pari-passu charge over the Corporate Debtor's movable assets. The Tribunal rejected the Respondent's claim based on ROC registration, determining that the 8th Supplemental Deed of Working Capital Consortium Agreement established UCO Bank Consortium's priority. Referencing precedents including J.M. Financial Asset Reconstruction Company Ltd case, the Tribunal held that only one secured creditor can enforce realization rights, and the Respondent failed to sufficiently identify charged assets under Section 52 of the Code. Consequently, the appeal was allowed in favor of the Appellant.
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