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NCLAT upheld the financial creditor status of two parties and rejected their secured creditor claim. The tribunal found no mortgage intent in title deed deposit and validated the 18% interest on the financial transaction. The appellate tribunal set aside the adjudicating authority's directions regarding claim reduction, resolution professional replacement, and forensic audit without sufficient grounds. The CIRP process was directed to complete within two months after resolving pending applications, with an extended timeline until 17.10.2025. The appeal was disposed of with specific directives addressing procedural and substantive aspects of the insolvency resolution process.
NCLAT upheld the financial creditor status of two parties and rejected their secured creditor claim. The tribunal found no mortgage intent in title deed deposit and validated the 18% interest on the financial transaction. The appellate tribunal set aside the adjudicating authority's directions regarding claim reduction, resolution professional replacement, and forensic audit without sufficient grounds. The CIRP process was directed to complete within two months after resolving pending applications, with an extended timeline until 17.10.2025. The appeal was disposed of with specific directives addressing procedural and substantive aspects of the insolvency resolution process.
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