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Secured Creditors Battle Over Primary Asset Claim; Adjudicating Authority's Decision u/s 52 of Insolvency Code Questioned.
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....Secured Creditor - As in the present case, all the ‘Secured Creditors’ have claimed right over the same secured asset, which is 91% of the total secured asset and particularly when a suit is pending for declaration, as to which ‘Secured Creditors’ has the first charge, in such a case, it was not open to the Adjudicating Authority to allow the application filed by the 1st Respondent to realise the ‘security interest’ u/s 52....