https://www.taxtmi.com/caselaws?id=406185 The Tribunal held that Secured Creditors relinquishing security interest should be treated as one class for asset distribution under Section 53(1)(b)(ii) of the I&B Code. The appeal was allowed, the previous order was set aside, and the Liquidator was instructed to ensure equal ranking among Secured Creditors who relinquish security interest. The Tribunal emphasized that sub-classification among Secured Creditors is not permissible, and all such creditors should rank equally for distribution purposes. en-us Mon, 05 Apr 2021 00:00:00 +0530 Wed, 07 Apr 2021 11:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=406185 The Tribunal held that Secured Creditors relinquishing security interest should be treated as one class for asset distribution under Section 53(1)(b)(ii) of the I&B Code. The appeal was allowed, the previous order was set aside, and the Liquidator was instructed to ensure equal ranking among Secured Creditors who relinquish security interest. The Tribunal emphasized that sub-classification among Secured Creditors is not permissible, and all such creditors should rank equally for distribution purposes. Case-Laws Insolvency and Bankruptcy Mon, 05 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=406185