https://www.taxtmi.com/caselaws?id=765388 NCLAT dismissed appeal challenging distribution of liquidation proceeds. Appellant sought distribution based on security interest rather than pro-rata basis per admitted claims under Section 53(1) of Insolvency and Bankruptcy Code, 2016. NCLAT held that Adjudicating Authority correctly directed distribution on pro-rata basis of admitted claims among financial creditors. Tribunal relied on precedent and rejected appellant's reliance on undertaking given by stakeholders, ruling it cannot override statutory distribution mechanism. No error found in lower authority's order directing proportionate distribution rather than security-based distribution. en-us Tue, 28 Jan 2025 00:00:00 +0530 Fri, 31 Jan 2025 07:54:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765388 NCLAT dismissed appeal challenging distribution of liquidation proceeds. Appellant sought distribution based on security interest rather than pro-rata basis per admitted claims under Section 53(1) of Insolvency and Bankruptcy Code, 2016. NCLAT held that Adjudicating Authority correctly directed distribution on pro-rata basis of admitted claims among financial creditors. Tribunal relied on precedent and rejected appellant's reliance on undertaking given by stakeholders, ruling it cannot override statutory distribution mechanism. No error found in lower authority's order directing proportionate distribution rather than security-based distribution. Case-Laws IBC Tue, 28 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765388