# In the matter of RBL Bank Limited vs. Sical Logistics Limited

> NCLAT judgment dated 2025-03-28. Citation: TCN-2025-NCLAT-00142. The case involves two company appeals heard together due to common issues of law and facts.…

- **Court:** NCLAT
- **Order date:** 28 Mar 2025
- **Citation:** TCN-2025-NCLAT-00142
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/rbl-bank-limited-vs-sical-logistics-limited-23a9d814

## Summary

### Background

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

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## Facts

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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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority erred in holding that the amount payable to a Dissenting …

**Ratio:** The amount payable to a dissenting creditor should not be less than the liquidation

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**Reasoning:** The Tribunal found that the Adjudicating Authority erred in limiting the dissenting

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**Interpretation:** Section 30(2)(b) of the I&B Code mandates that dissenting creditors receive

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**Application:** In this case, the resolution value is higher than the liquidation value.

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## Parties

- **Judges:** Sharad Kumar…; Jatindranat…
- **Appellants:** RBL Bank L…
- **Respondents:** Sical Logistics…

## Timeline

- **2022-02-29 — Resolution Plan…**: The Resolution Plan was approved by…
- **2022-12-08 — Resolution Plan…**: The Resolution Plan was affirmed by…

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