Cause Title : Small Industries Development Bank of India (SIDBI) vs Vivek Raheja, Company Appeal (AT) (Insolvency) No. 570 of 2022, National Company Law Appellate Tribunal Principal Bench, New Delhi
Date of Judgment/Order : 16th September, 2022
Corum : Justice Ashok Bhushan & Mr. Barun Mitra
Citied:
- India Resurgence Arc Private Limited Vs. M/s. Amit Metaliks Limited & Anr., (Civil Appeal No. 1700 of 2021)
- Indian Bank Vs. Charu Desai, Erstwhile Resolution Professional & Chairman of Monitoring Committee of GB Global Ltd. & Anr., (Company Appeal (AT) Ins. No. 644 of 2021)
- Jaypee Kensington Boulevard Apartments Welfare Association & Ors. Vs. NBCC (India) Ltd. & Ors., [(2021) 1 SCC 401]
- Union Bank of India Vs. Resolution Professional of M/s Kudos Chemie Ltd. & Ors.,Company Appeal (AT) Ins. No. 665 of 2022
- India Resurgence Arc. Pvt. Ltd. Vs. M/s. Amit Metaliks Ltd. & Anr.- Civil Appeal No. 1700 of 2021
- ICICI Bank Vs. SIDCO Leathers Ltd. & Ors., [(2006) 10 SCC 452]
- Technology Development Board Vs. Anil Goel & Ors.,Company Appeal (AT) Ins. No. 731 of 2020
- Oriental Bank of Commerce Vs. Anil Anchalia & Anr., Company Appeal (AT) Ins. No. 547 of 2022
Background
Oriental Bank of Commerce had filed a Section 7 Application under the Insolvency and Bankruptcy Code, 2016 (IBC in short) against the Corporate Debtor – M/s. Gupta Exim (India) Pvt. Ltd. which was admitted by the Adjudicating Authority and through an interim application the Bank claimed that the Bank is entitled to 6.93 % i.e. the amount of Rs. 5,64,97,893/- and as per voting share as approved by the CoC, the Appellant is entitled to 2.03% i.e. Rs. 1,65,47,078/-. The Adjudicating Authority rejected the I.A. upholding the decision of the CoC for distribution of proceeds of the Resolution Plan as per the voting share. The Bank aggrieved by the said Order, has come up in this Appeal.
The only question which arises for consideration in the present Appeal is as to whether the Appellant-dissenting Financial Creditor is entitled to claim distribution of proceeds of the plan as per value of the security interest of the Appellant or as per the debt of the Appellant (voting share).
Judgment
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