Union Bank of India (formerly Corporation Bank) appealed against an order by the National Company Law Tribunal (NCLT), Chandigarh, which rejected I.A No. 333 of 2021. The bank, a financial creditor of the Corporate Debtor, sought directions for the distribution of Rs. 17.26 Crores under the Resolution Plan, as if a CDR (Corporate Debt Restructuring) was never implemented, in accordance with Section 53 of the Code. The NCLT rejected this application, leading to the appeal before the NCLAT.
Union Bank of India (formerly Corporation Bank), a financial creditor, filed an application (I.A No. 333 of 2021) before the National Company Law Tribunal (NCLT), Chandigarh, seeking a specific distribution of Rs. 17.26 Crores under the Resolution Plan. The bank wanted the distribution to be calculated as if a Corporate Debt Restructuring (CDR) had never been implemented, aligning with Section 53 of the Code. The NCLT rejected this application. The Committee of Creditors (CoC) had approved a resolution plan with a different distribution method (Option-1) supported by 97.61% of the voting share. Union Bank of India, holding only 2.31% voting share, preferred a different distribution method (Option-3). The Adjudicating Authority considered the CoC's decision and rejected
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Union Bank of India (formerly Corporation Bank) appealed against an order by the National Company Law Tribunal (NCLT), Chandigarh, which rejected I.A No. 333 of 2021. The bank, a financial creditor of the Corporate Debtor, sought directions for the distribution of Rs. 17.26 Crores under the Resolution Plan, as if a CDR (Corporate Debt Restructuring) was never implemented, in accordance with Section 53 of the Code. The NCLT rejected this application, leading to the appeal before the NCLAT.
Union Bank of India (formerly Corporation Bank), a financial creditor, filed an application (I.A No. 333 of 2021) before the National Company Law Tribunal (NCLT), Chandigarh, seeking a specific distribution of Rs. 17.26 Crores under the Resolution Plan. The bank wanted the distribution to be calculated as if a Corporate Debt Restructuring (CDR) had never been implemented, aligning with Section 53 of the Code. The NCLT rejected this application. The Committee of Creditors (CoC) had approved a resolution plan with a different distribution method (Option-1) supported by 97.61% of the voting share. Union Bank of India, holding only 2.31% voting share, preferred a different distribution method (Option-3). The Adjudicating Authority considered the CoC's decision and rejected
…The Adjudicating Authority (National Company…
The members of the Committee of Creditors…
Sign in to view related legal provisions.