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        Case ID :
        IBC

        NCLAT held that the Adjudicating Authority's order excluding 5%...

        Order excluding 5% margin from debtor assets set aside; unenforced equitable mortgage not trust property; secured assets remain estate

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                NCLAT held that the Adjudicating Authority's order excluding 5% margin (capped at fair value) from the corporate debtor's assets in favour of Respondent No.1 was unsustainable and is set aside. The Tribunal found an unenforced equitable mortgage did not convert into trust property; where guarantees, FLC/LC/BGs had devolved or been invoked prior to CIRP and no live guarantees existed, the secured asset remained part of the corporate debtor's estate. The Adjudicating Authority exceeded its limited jurisdiction and could not override the commercial wisdom of the CoC or permit enforcement of security outside liquidation. Distribution to secured creditors shall be pro rata on admitted claims per the CoC's decision.
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