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The SC upheld the NCLAT's decision affirming the priority of the UCO Bank Consortium's first charge over the movable assets of the Corporate Debtor, despite the Respondent's registration of a charge under Section 77 of the Companies Act, 2013. The Court rejected the Respondent's contention that registration with the ROC conferred priority, holding that non-registration by UCO Bank Consortium did not invalidate its first charge established by the 8th Supplemental Deed of Working Capital Consortium Agreement. The appeal challenging the NCLAT's order was dismissed, confirming the primacy of the Consortium's charge and maintaining the priority framework as determined below.
The SC upheld the NCLAT's decision affirming the priority of the UCO Bank Consortium's first charge over the movable assets of the Corporate Debtor, despite the Respondent's registration of a charge under Section 77 of the Companies Act, 2013. The Court rejected the Respondent's contention that registration with the ROC conferred priority, holding that non-registration by UCO Bank Consortium did not invalidate its first charge established by the 8th Supplemental Deed of Working Capital Consortium Agreement. The appeal challenging the NCLAT's order was dismissed, confirming the primacy of the Consortium's charge and maintaining the priority framework as determined below.
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