# In the matter of ICICI Bank Ltd. vs. RP of Darjeeling Organic Tea Pvt. Ltd.

> NCLAT judgment dated 2025-10-31. Citation: TCN-2025-NCLAT-00554. ICICI Bank filed an appeal against the order dated 23.04.2024 passed by the National Company…

- **Court:** NCLAT
- **Order date:** 31 Oct 2025
- **Citation:** TCN-2025-NCLAT-00554
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/icici-bank-ltd-vs-rp-of-darjeeling-organic-tea-pvt-ltd-0141431a

## Summary

### Background

ICICI Bank filed an appeal against the order dated 23.04.2024 passed by the National Company Law Tribunal, Kolkata Bench, Kolkata, in IA (I.B.C)/548(KB)2024 and in IA (I.B.C)/2093(KB)2023 in С.Р. (IB)/1382(KB)2020. The appellant, ICICI Bank, sought to be classified as a secured financial creditor.

## Facts

Darjeeling Organic Tea Limited approached ICICI Bank for non-fund based facilities, which were extended by the bank against fixed deposits.

On 31.07.2021, the corporate debtor approached the bank for an overdraft facility of ₹1,00,00,000/-, which was extended against cash collateral of fixed deposit of ₹1,06,00,000/-.

Corporate Insolvency Resolution Process (CIRP) against the corporate debtor commenced on 28.10.2022 by order passed by NCLT Kolkata.

ICICI Bank filed its claim on 03.01.2024 in ‘Form–C' as a financial creditor, claiming to be a secured creditor for an amount of ₹99,36,968.09/- as on 28.10.2022.

The RP requested ICICI Bank to transfer the credit balance in any account maintained in the bank of the corporate debtor.

…

## Issues and analysis

### Issue 1: Whether the adjudicating authority's direction to release the amount in deposit with the Bank, …

**Ratio:** The direction of the adjudicating authority

…

**Reasoning:** The non-fund based facility was extended on the basis of cash collateral by way of fixed

…

**Interpretation:** The tribunal interpreted the facts to mean that the fixed deposits were

…

**Application:** The tribunal applied this interpretation to set aside the adjudicating

…

## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** ICICI Ban…; ICICI…
- **Respondents:** Darjeeling…; Resolution…
- **Advocates:** Krishnendu…; Mish…; +7 more

## Timeline

- **2024-04-23 — Order Da…**: Order passed by the adjudicating authority (National Company Law Tribunal, Kolkata Bench,…
- **2022-10-28 — CIRP Commen…**: Corporate Insolvency Resolution Process (CIRP)…

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclat-new-delhi/icici-bank-ltd-vs-rp-of-darjeeling-organic-tea-pvt-ltd-0141431a