https://www.taxtmi.com/caselaws?id=437496 The SC upheld the NCLAT's dismissal of the appellants' claim as belated, as they failed to challenge the 2017 rejection and sought inclusion in the CoC only in 2020. The SC ruled that the appellants, holding only a security interest in pledged shares, did not qualify as financial creditors under the IBC, referencing Anuj Jain and Phoenix ARC cases. The Court clarified that the appellants' rights as secured creditors were limited to the pledged shares and directed they be treated as secured creditors under Sections 52 and 53, allowing them to retain proceeds from the sale of pledged shares. The appeal was disposed of without costs. en-us Thu, 04 May 2023 00:00:00 +0530 Wed, 08 Nov 2023 09:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=437496 The SC upheld the NCLAT's dismissal of the appellants' claim as belated, as they failed to challenge the 2017 rejection and sought inclusion in the CoC only in 2020. The SC ruled that the appellants, holding only a security interest in pledged shares, did not qualify as financial creditors under the IBC, referencing Anuj Jain and Phoenix ARC cases. The Court clarified that the appellants' rights as secured creditors were limited to the pledged shares and directed they be treated as secured creditors under Sections 52 and 53, allowing them to retain proceeds from the sale of pledged shares. The appeal was disposed of without costs. Case-Laws Insolvency and Bankruptcy Thu, 04 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=437496