# In the matter of Indian Bank & Ors. vs. State Bank of India & Ors.

> NCLAT judgment dated 2026-04-08. Citation: TCN-2026-NCLAT-00069. The appeal was filed by Indian Bank, UCO Bank, Bank of Baroda, ICICI Bank Limited, and Union…

- **Court:** NCLAT
- **Order date:** 8 Apr 2026
- **Citation:** TCN-2026-NCLAT-00069
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/indian-bank-ors-vs-state-bank-of-india-ors-f3724948

## Summary

### Background

The appeal was filed by Indian Bank, UCO Bank, Bank of Baroda, ICICI Bank Limited, and Union Bank of India, collectively the Appellant Banks, under Section 61 of the Insolvency and Bankruptcy Code, 2016, challenging the common Judgment and Order dated 05.02.2024 passed by the Adjudicating Authority (National Company Law Tribunal, Cuttack Bench).

## Facts

Indian Bank and other financial creditors initiated CIRP against OCL Iron and Steel Ltd. under Section 7 of the IBC.

The Committee of Creditors (CoC) was formed with nine financial creditors, including Asia Opportunities (III) Mauritius Limited, ICICI Bank, State Bank of India, Indian Bank, UCO Bank, Bank of Baroda, Union Bank of India, Punjab National Bank, and Ganesh Ores Pvt. Ltd.

The CoC approved a resolution plan submitted by M/s Indrani Patnaik (SRA) with 88.98% majority vote.

The Adjudicating Authority approved the Resolution Plan on 20.03.2023 and constituted a Monitoring Committee.

State Bank of India, being a dissenting financial creditor, filed I.A. No. 149/2023 seeking to set aside the distribution decided in the 4th Monitoring Committee meeting.

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority erred in directing payment to the dissenting financial creditor …

**Ratio:** The Adjudicating Authority's direction was consistent with Section 30(2)(b) of the IBC,

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**Reasoning:** The liquidation value attributable to Respondent No.1 was determined through an

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**Interpretation:** Section 30(2)(b) provides a statutory safeguard to dissenting financial

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**Application:** The Adjudicating Authority correctly enforced the statutory requirement by

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## Parties

- **Judges:** Ashok Bh…; Indevar P…
- **Appellants:** Indian…; UCO B…; +3 more
- **Respondents:** OCL Iron & Steel…; OCL Iron and…; +4 more
- **Other parties:** ICICI…; Ganesh Ores Pvt.…; +1 more
- **Advocates:** Rajesh Kumar…; Deepanjal…; +7 more

## Timeline

- **2024-02-05 — Impugned Ord…**: Date of the common Judgment and Order passed by the Ld. Adjudicating Authority (National…
- **2021-09-20 — CIRP Admissi…**: Date on which the Corporate Debtor was admitted into Corporate Insolvency Resolution…

## 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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