https://www.taxtmi.com/caselaws?id=767589 NCLAT Principal Bench held that appellant, who cancelled his unit and settled bank dues of Rs.17 lakhs, was correctly classified as unsecured financial creditor. Though UCO Bank initially paid Rs.29 lakhs to corporate debtor for unit allotment, appellant later settled with bank paying Rs.17 lakhs. Court directed Resolution Professional to reimburse appellant Rs.17 lakhs from resolution plan reserves within 60 days, recognizing appellant's settlement payment and ensuring compliance with insolvency proceedings. Appeal disposed favorably. en-us Wed, 19 Mar 2025 00:00:00 +0530 Fri, 21 Mar 2025 08:25:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767589 NCLAT Principal Bench held that appellant, who cancelled his unit and settled bank dues of Rs.17 lakhs, was correctly classified as unsecured financial creditor. Though UCO Bank initially paid Rs.29 lakhs to corporate debtor for unit allotment, appellant later settled with bank paying Rs.17 lakhs. Court directed Resolution Professional to reimburse appellant Rs.17 lakhs from resolution plan reserves within 60 days, recognizing appellant's settlement payment and ensuring compliance with insolvency proceedings. Appeal disposed favorably. Case-Laws IBC Wed, 19 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767589