The case involves two company appeals heard together due to common issues of law and facts. RBL Bank Limited, the Appellant, challenges the order dated 20.12.2023 passed in IA (IBC) No. 1188/2023 in CP(IB)No.73/2020, filed by Sical Logistics Limited (Respondent No. 1). The impugned order directed the Appellant, Respondent No. 3 (Bank of Baroda), and other CoC members to release original title documents of the Corporate Debtor's assets to Sical Logistics Limited to facilitate the sale of assets, including land in Madhavaram, Chennai, as per the approved Resolution Plan. Another connected appeal, Company Appeal (AT) (CH) (Ins) No. 37/2024, also filed by RBL Bank Limited, challenges a similar order dated 20.12.2023, passed in IA (IBC) No.1329/(CHE)2023, where the Tribunal
…RBL Bank Limited filed appeals challenging orders related to the insolvency resolution of Sical Logistics Limited. The core issue revolves around the amount payable to RBL Bank as a dissenting financial creditor (FC) under the approved Resolution Plan. The Resolution Plan, approved by the Committee of Creditors (CoC) on 29.02.2022 and affirmed by the NCLT on 08.12.2022, involves a payment of Rs. 521.82 Crores by the Successful Resolution Applicant (SRA). RBL Bank claims it is entitled to Rs. 42.09 Crores, representing 9.88% of the Resolution Plan value, and should receive priority in payment as a dissenting FC. However, they have only been paid Rs. 9.38 Crores. The Resolution Professional and other CoC members were directed to release original title documents of the
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The case involves two company appeals heard together due to common issues of law and facts. RBL Bank Limited, the Appellant, challenges the order dated 20.12.2023 passed in IA (IBC) No. 1188/2023 in CP(IB)No.73/2020, filed by Sical Logistics Limited (Respondent No. 1). The impugned order directed the Appellant, Respondent No. 3 (Bank of Baroda), and other CoC members to release original title documents of the Corporate Debtor's assets to Sical Logistics Limited to facilitate the sale of assets, including land in Madhavaram, Chennai, as per the approved Resolution Plan. Another connected appeal, Company Appeal (AT) (CH) (Ins) No. 37/2024, also filed by RBL Bank Limited, challenges a similar order dated 20.12.2023, passed in IA (IBC) No.1329/(CHE)2023, where the Tribunal
…RBL Bank Limited filed appeals challenging orders related to the insolvency resolution of Sical Logistics Limited. The core issue revolves around the amount payable to RBL Bank as a dissenting financial creditor (FC) under the approved Resolution Plan. The Resolution Plan, approved by the Committee of Creditors (CoC) on 29.02.2022 and affirmed by the NCLT on 08.12.2022, involves a payment of Rs. 521.82 Crores by the Successful Resolution Applicant (SRA). RBL Bank claims it is entitled to Rs. 42.09 Crores, representing 9.88% of the Resolution Plan value, and should receive priority in payment as a dissenting FC. However, they have only been paid Rs. 9.38 Crores. The Resolution Professional and other CoC members were directed to release original title documents of the
…The Resolution Plan was…
The Resolution Plan was…
Sign in to view related legal provisions.