https://www.taxtmi.com/caselaws?id=769205 NCLAT allowed the appeal regarding priority of charges over movable assets of Corporate Debtor. The tribunal held that UCO Bank Consortium maintained first pari-passu charge over movable assets per Consortium Agreement and 8th Supplemental Deed, applying doctrine of priority under Section 48 TP Act. Respondent's registration of charge under Section 77 Companies Act 2013 with ROC could not override UCO Bank Consortium's earlier charge. Respondent failed to sufficiently identify charged assets for enforcement under Section 52 of IBC. Tribunal emphasized that contractual arrangements inter-se creditors must be considered, and only one secured creditor can enforce rights under Section 52. en-us Tue, 21 Jan 2025 00:00:00 +0530 Tue, 22 Apr 2025 08:31:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=769205 NCLAT allowed the appeal regarding priority of charges over movable assets of Corporate Debtor. The tribunal held that UCO Bank Consortium maintained first pari-passu charge over movable assets per Consortium Agreement and 8th Supplemental Deed, applying doctrine of priority under Section 48 TP Act. Respondent's registration of charge under Section 77 Companies Act 2013 with ROC could not override UCO Bank Consortium's earlier charge. Respondent failed to sufficiently identify charged assets for enforcement under Section 52 of IBC. Tribunal emphasized that contractual arrangements inter-se creditors must be considered, and only one secured creditor can enforce rights under Section 52. Case-Laws IBC Tue, 21 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=769205