This appeal was filed by ICICI Bank Ltd., a Financial Creditor of the Corporate Debtor, BKM Industries Limited, challenging an order dated 01.03.2023 in IA (IB) No.471/KB/2022. ICICI Bank sought direction to the Resolution Professional to consider the priority of distribution of plan realizations, taking into account the priority assigned to the dissenting Financial Creditor, who are also secured creditors. The Adjudicating Authority rejected the IA, leading to this appeal.
ICICI Bank, a financial creditor, filed a claim of Rs. 15.52 crores against BKM Industries Limited, the corporate debtor, under CIRP. The claim was admitted, and ICICI Bank was given a seat in the Committee of Creditors (CoC). A resolution plan submitted by Uniglobal Papers Private Limited proposed distributing payments to secured creditors based on the proportion of their admitted claims. In the 14th CoC meeting, ICICI Bank argued that distribution should consider security interests. The Resolution Professional (RP) provided a distribution matrix. In the 15th CoC meeting, the RP proposed distributing amounts based on outstanding debt or security interest. ICICI Bank objected, but the CoC voted in favor of distribution based on outstanding debt/voting share. In the
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Corporate Insolvency Resolution Process (CIRP)…
Members of the CoC discussed the distribution…
This appeal was filed by ICICI Bank Ltd., a Financial Creditor of the Corporate Debtor, BKM Industries Limited, challenging an order dated 01.03.2023 in IA (IB) No.471/KB/2022. ICICI Bank sought direction to the Resolution Professional to consider the priority of distribution of plan realizations, taking into account the priority assigned to the dissenting Financial Creditor, who are also secured creditors. The Adjudicating Authority rejected the IA, leading to this appeal.
ICICI Bank, a financial creditor, filed a claim of Rs. 15.52 crores against BKM Industries Limited, the corporate debtor, under CIRP. The claim was admitted, and ICICI Bank was given a seat in the Committee of Creditors (CoC). A resolution plan submitted by Uniglobal Papers Private Limited proposed distributing payments to secured creditors based on the proportion of their admitted claims. In the 14th CoC meeting, ICICI Bank argued that distribution should consider security interests. The Resolution Professional (RP) provided a distribution matrix. In the 15th CoC meeting, the RP proposed distributing amounts based on outstanding debt or security interest. ICICI Bank objected, but the CoC voted in favor of distribution based on outstanding debt/voting share. In the
…Corporate Insolvency Resolution Process (CIRP)…
Members of the CoC discussed the distribution…