https://www.taxtmi.com/caselaws?id=451150 Calcutta HC dismissed a writ petition challenging NCLT's order under Regulation 21-A of IBBI (Liquidation Process) Regulations, 2016. The court held that when a secured creditor failed to inform the liquidator of its decision regarding security interest within the prescribed timeframe, the liquidator properly presumed the pledged shares to be part of the liquidation estate. The petitioner's claim that Section 25 IBC should have been decided first was rejected as academic since the secured creditor's non-compliance rendered it inapplicable. The court found no irregularity in the order, noting that treating disputed shares as liquidation assets benefits all secured creditors through Section 53's priority distribution mechanism. en-us Tue, 19 Mar 2024 00:00:00 +0530 Wed, 20 Mar 2024 16:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=451150 Calcutta HC dismissed a writ petition challenging NCLT's order under Regulation 21-A of IBBI (Liquidation Process) Regulations, 2016. The court held that when a secured creditor failed to inform the liquidator of its decision regarding security interest within the prescribed timeframe, the liquidator properly presumed the pledged shares to be part of the liquidation estate. The petitioner's claim that Section 25 IBC should have been decided first was rejected as academic since the secured creditor's non-compliance rendered it inapplicable. The court found no irregularity in the order, noting that treating disputed shares as liquidation assets benefits all secured creditors through Section 53's priority distribution mechanism. Case-Laws Insolvency and Bankruptcy Tue, 19 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=451150