TaxTMI 
TaxTMI 
2026 (8) TMI 802
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.... having 8.34% voting share, has no locus to raise objection in the resolution plan and further the appellant, being a dissenting financial creditor is getting more than the liquidation value viz the plan value being Rs. 116 crores and whereas the liquidation value being Rs. 99 crores. 2. Learned counsel for the appellant submits the appellant has granted loan worth hundreds of crores and it being a secured financial creditor of the corporate debtor had a voting share of 8.3440% in the CoC of the Corporate Debtor, with an admitted claim of Rs. 288,75,12,826.00 and that it had the security interest in land mortgaged to it, worth Rs. 43 crores and that it should be given share in the realization money to the tune of its security interest. It is submitted it even raised objections in the 15th CoC Meeting held on 03.04.2025 but the resolution(s) were passed otherwise resolving wrongly holding distribution to the dissenting secured financial creditor in priority to the assenting secured financial creditors on pro rata basis based on stagewise receipt of fund as per the approved resolution plan, and that the appellant ought to have been paid in proportion to its security interest. 3....
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.... yield (as on CIRP date) of balance real estate inventory would be estimated and would be subjected to deduction on part of cost to completion of the project JTPL City, if any. 3. Repeatedly, we have been provided the mortgage deed of raw land (as per Khasra Nos.) by respective land owners to Lenders. In this matter, our submission is that once particular Khasra Nos. have consented to and become part of a sanctioned project, these Khasra Nos. cannot be sliced out separately from the project and sold independently. These Khasra Nos. are part and parcel of the sanctioned project now. These assets (by Khasra Nos.) should be treated as respective plots as per sanctioned plan with a reduced size but increased rate/value due to change in land use. Raw land by Khasra Nos. was agricultural in nature whereas converted land is residential/ commercial in nature." The matter was discussed in detail and officials of Union Bank of India and Bank of India was of the view that no lender was able to identify the plot wise inventory and appreciated the RP efforts in demarcation of the land of the CD and identify the assets of the CD through appointed surveyor who has submitted repo....
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....ested the chairman to place both the resolution for e-voting. The matter was discussed in detail and Chairman apprised that he will place both the resolution i.e the distribution as per security interest as well as distribution as per claim ration for the voting and the Resolution which will get approved by the CoC accordingly the distribution will be done. The BOI, IFCI & IDBI Bank officials was of the view that they should know in advance before voting on the plan that what is the approval of the CoC with regards to manner of distribution among SFC on the amount proposed by RA to SFC. The Resolution Professional (RP) apprised the Committee of Creditors (CoC) that, pursuant to formal requests received from IFCI Limited via email dated 09.04.2025 and Hero Fincorp Limited via email dated 10.04.2025 seeking deliberation on the resolutions circulated for e-voting and following the RP's response to the CoC members via email dated April 15th, 2025, Further it was decided to convene next CoC meeting on April 15th, 2025, to address the concerns raised in the aforementioned communications. During the said CoC meeting, the communications received were discusse....
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....ce to the value of its security interest neither carry any meaning nor any substance. What the dissenting financial creditor is entitled to is specified in the later part of sub-section (2)(b) of Section 30 of the Code and the same has been explained by this Court in Essar Steel as under:- "128. When it comes to the validity of the substitution of Section 30(2)(b) by Section 6 of the Amending Act of 2019, it is clear that the substituted Section 30(2)(b) gives operational creditors something more than was given earlier as it is the higher of the figures mentioned in sub-clauses (i) and (ii) of sub-clause (b) that is now to be paid as a minimum amount to operational creditors. The same goes for the latter part of sub-clause (b) which refers to dissentient financial creditors. Ms Madhavi Divan is correct in her argument that Section 30(2)(b) is in fact a beneficial provision in favour of operational creditors and dissentient financial creditors as they are now to be paid a certain minimum amount, the minimum in the case of operational creditors being the higher of the two figures calculated under sub-clauses (i) and (ii) of clause (b), and the minimum in the case of dissenti....
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.... 3, made a reference to the earlier Judgment of the Hon'ble Supreme Court in `India Resurgence ARC Pvt. Ltd.' (Supra), which reference is pending consideration before the Hon'ble Supreme Court. Law declared by Hon'ble Supreme Court in `India Resurgence ARC Pvt. Ltd.' (Supra) can very well be relied until a different view is expressed by the Hon'ble Supreme Court in the reference pending before it. 55. We thus are fully satisfied that Appellants are not entitled to claim payment as per the security interest in the asset of the Corporate Debtor. 8. Further in Indian Bank Vs Metenere Ltd through RP and Anr, Company Appeal (AT)(Ins) No.1197/2025 this Tribunal held as under:- 2. This appeal has been filed against an order dated 22.04.2025 passed by the adjudicating authority (NCLT, New Delhi, Principal Bench), in I.A. No. 4275/2024. The I.A. was filed by the Indian Bank praying for rejection of the resolution plan and further direction to set aside the decision of the CoC relating to payment of plan amount inter see members of the CoC on pro-rata basis including the decision approving payout of the dissenting financial creditors on pro-rata basis and not on basis of....