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NCLAT dismissed the appeal, affirming the Adjudicating Authority's classification of the Appellant as an unsecured financial creditor. The Tribunal held that the arbitral award's Clause V, which restrained the Corporate Debtor by injunction from allotting, alienating or creating third-party interests, did not create a statutory "security interest" under the IBC; the Arbitrator had not adjudicated whether the Articles of Agreement constituted a charge within the IBC scheme. The CoC's subsequent adjustment (security interest recorded as nil) was upheld, as homebuyers holding allotments are unsecured creditors and the Appellant's claim lacked proof of a perfected security interest. No error was found in the impugned order; appeal dismissed.
NCLAT dismissed the appeal, affirming the Adjudicating Authority's classification of the Appellant as an unsecured financial creditor. The Tribunal held that the arbitral award's Clause V, which restrained the Corporate Debtor by injunction from allotting, alienating or creating third-party interests, did not create a statutory "security interest" under the IBC; the Arbitrator had not adjudicated whether the Articles of Agreement constituted a charge within the IBC scheme. The CoC's subsequent adjustment (security interest recorded as nil) was upheld, as homebuyers holding allotments are unsecured creditors and the Appellant's claim lacked proof of a perfected security interest. No error was found in the impugned order; appeal dismissed.
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