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The NCLAT upheld that the appellant, a secured creditor, failed to comply with the mandatory 90-day timeline under Regulation 21A(2)(a) of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016, for depositing dues under Section 53 of the IBC. The Tribunal confirmed that liquidator's dues under Section 36(4) are protected and payable in full by the secured creditor, independent of the realization of security interest. The secured creditor's obligation to pay dues under Section 53 is not contingent upon realization of security interest under Section 52, and the liquidator's permission to realize security interest is a prerequisite. The appellant's request to defer payment until after realization was legally untenable. No application for time extension was made, and failure to deposit dues resulted in automatic vesting of assets in the liquidation estate. The appeal was dismissed for lack of merit.
The NCLAT upheld that the appellant, a secured creditor, failed to comply with the mandatory 90-day timeline under Regulation 21A(2)(a) of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016, for depositing dues under Section 53 of the IBC. The Tribunal confirmed that liquidator's dues under Section 36(4) are protected and payable in full by the secured creditor, independent of the realization of security interest. The secured creditor's obligation to pay dues under Section 53 is not contingent upon realization of security interest under Section 52, and the liquidator's permission to realize security interest is a prerequisite. The appellant's request to defer payment until after realization was legally untenable. No application for time extension was made, and failure to deposit dues resulted in automatic vesting of assets in the liquidation estate. The appeal was dismissed for lack of merit.
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