https://www.taxtmi.com/caselaws?id=461728 NCLT Mumbai held that a lender's first charge over refinanced assets remains valid despite the absence of NOC from consortium lenders. The tribunal determined that assets financed by lenders outside the consortium retain their specific charge structure, with the consortium holding only second charge as collateral security. Since the applicant's charge was properly registered with RoC and the original financier's NOC was obtained, the subsequent refinancing did not convert the consortium's second charge into first charge. The liquidator was directed to allow the applicant to realize assets under Section 52 of the Code as first charge holder. en-us Tue, 19 Dec 2023 00:00:00 +0530 Thu, 24 Apr 2025 09:13:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461728 NCLT Mumbai held that a lender's first charge over refinanced assets remains valid despite the absence of NOC from consortium lenders. The tribunal determined that assets financed by lenders outside the consortium retain their specific charge structure, with the consortium holding only second charge as collateral security. Since the applicant's charge was properly registered with RoC and the original financier's NOC was obtained, the subsequent refinancing did not convert the consortium's second charge into first charge. The liquidator was directed to allow the applicant to realize assets under Section 52 of the Code as first charge holder. Case-Laws IBC Tue, 19 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461728