# In the matter of IDBI Bank Ltd. vs. Silver Stallion Ltd. (Consortium with Vikasa India EIF I Fund and AIG Direct LLC) and Anr.

> NCLAT judgment dated 2025-11-11. Citation: TCN-2025-NCLAT-00560. The appeal was filed under Section 61 of the I&B Code, 2016 against an order dated 31.03.2023…

- **Court:** NCLAT
- **Order date:** 11 Nov 2025
- **Citation:** TCN-2025-NCLAT-00560
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/idbi-bank-ltd-vs-silver-stallion-ltd-7f4e58ae

## Summary

### Background

The appeal was filed under Section 61 of the I&B Code, 2016 against an order dated 31.03.2023 passed by the NCLT, Mumbai Bench, rejecting the appellant's application and allowing the respondent's application for approval of a resolution plan.

## Facts

IFCI Ltd granted financial assistance of Rs. 50 Crores to M/s Heera Constructions Company Pvt. Ltd. (Corporate Debtor) via a Corporate Loan Agreement.

The loan was secured by various mortgages, including land at Attipra Village and Poonithura Village.

The Corporate Debtor defaulted, leading to the filing of a petition under Section 7 of IBC by IFCI Ltd, which was admitted by NCLT, Mumbai on 27.03.2019.

The Committee of Creditors (CoC) comprised primarily of home buyers (73.13% voting share) and IFCI Ltd (20.55% voting share).

The CoC approved a Resolution Plan submitted by the Successful Resolution Applicant with 74.19% voting share, but IFCI Ltd dissented.

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## Issues and analysis

### Issue 1: Whether the Resolution Professional properly valued and included all assets of the Corporate Debtor …

**Ratio:** Regulation 35 of the CIRP Regulations does not talk about valuation only of "fixed

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**Reasoning:** The NCLAT observed that the Resolution Professional failed to include the Poonithura land

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**Interpretation:** All assets of the Corporate Debtor, including financial assets, fixed assets,

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**Application:** The NCLAT held that the Resolution Professional failed to properly value and

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## Parties

- **Judges:** Yogesh K…; Mr Ajai Das…
- **Appellants:** IFCI…
- **Respondents:** Heera Construction…; Raju Palanikunnath…; +1 more
- **Other parties:** State Bank of…; Kerala Financial…; +2 more
- **Advocates:** Krishnendu…; Mr Amish…; +9 more

## Timeline

- **2018 — Company Petiti…**: Company Petition No.4447/MB/2018 filed by…
- **2019-03-27 — Petition Ad…**: Petition admitted by…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 61 — Appeals and Appellate Authority](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-61)

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