Tata Capital Limited, a secured financial creditor, extended credit facilities to a Corporate Debtor, secured by hypothecated assets. Following the Corporate Debtor's default, CIRP and subsequent liquidation proceedings were initiated, and Mr. Sanjay Ramdas Mahajan was appointed as Liquidator. Tata Capital filed its claim in Form D, indicating it had not relinquished its security interest but also marked 'NIL' for security details. The Appellant actively participated in Stakeholders' Consultation Committee (SCC) meetings. After a proposed compromise scheme under Section 230 of the Companies Act, 2013 was rejected on 04.02.2025, Tata Capital, on 19.02.2025, sent an email to the Liquidator, for the first time formally requesting to realize its security interest
…Tata Capital Limited (Appellant) sanctioned various credit facilities in favour of the Corporate Debtor.
Specific equipment and assets of the Corporate Debtor were validly and legally hypothecated in favour of the Appellant, creating a secured interest.
The Corporate Debtor committed defaults in repayment, and its loan accounts were classified as NPA.
CIRP and subsequent liquidation proceedings were initiated against the Corporate Debtor.
The Corporate Debtor was placed under liquidation under Section 33(1) of the Code.
Mr. Sanjay Ramdas Mahajan was appointed as Liquidator.
The Appellant filed its claim in Form-D as a secured financial creditor, disclosing details of assets and security interest.
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The Corporate…
Upon rejection of the Resolution Plan,…
Tata Capital Limited, a secured financial creditor, extended credit facilities to a Corporate Debtor, secured by hypothecated assets. Following the Corporate Debtor's default, CIRP and subsequent liquidation proceedings were initiated, and Mr. Sanjay Ramdas Mahajan was appointed as Liquidator. Tata Capital filed its claim in Form D, indicating it had not relinquished its security interest but also marked 'NIL' for security details. The Appellant actively participated in Stakeholders' Consultation Committee (SCC) meetings. After a proposed compromise scheme under Section 230 of the Companies Act, 2013 was rejected on 04.02.2025, Tata Capital, on 19.02.2025, sent an email to the Liquidator, for the first time formally requesting to realize its security interest
…Tata Capital Limited (Appellant) sanctioned various credit facilities in favour of the Corporate Debtor.
Specific equipment and assets of the Corporate Debtor were validly and legally hypothecated in favour of the Appellant, creating a secured interest.
The Corporate Debtor committed defaults in repayment, and its loan accounts were classified as NPA.
CIRP and subsequent liquidation proceedings were initiated against the Corporate Debtor.
The Corporate Debtor was placed under liquidation under Section 33(1) of the Code.
Mr. Sanjay Ramdas Mahajan was appointed as Liquidator.
The Appellant filed its claim in Form-D as a secured financial creditor, disclosing details of assets and security interest.
…The Corporate…
Upon rejection of the Resolution Plan,…