This appeal was filed by Unity Small Finance Bank Ltd., the Financial Creditor, challenging the order dated 23.02.2024 passed by the National Company Law Tribunal (NCLT), Mumbai Bench, in IA No. 4004 of 2023, which approved the Resolution Plan for the Corporate Debtor, Privilege Industries Limited. The appellant claimed to be a secured creditor, but the RP and the Adjudicating Authority treated it as an unsecured creditor.
Unity Small Finance Bank Ltd. (Appellant) sanctioned mortgage overdraft facilities to Privilege Industries Limited (Corporate Debtor) via sanction letters dated 04.11.2011 and 17.01.2013. These facilities were secured by mortgages of immovable property and land provided by guarantors, including Rakesh Kumar Wadhawan. The Corporate Debtor defaulted on the overdraft amount, leading to the account being classified as a Non-Performing Asset (NPA). The Ministry of Finance amalgamated PMC Bank with the Appellant. The Adjudicating Authority initiated Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor on 15.02.2023. The Appellant filed its claim on 03.03.2023. The IRP admitted only Rs.2.53 crores of the Appellant's claim as secured. The RP bifurcated
…Sign in to view the parties.
Unity Small Finance Bank Ltd. sanctioned…
Unity Small Finance Bank Ltd. sanctioned…
This appeal was filed by Unity Small Finance Bank Ltd., the Financial Creditor, challenging the order dated 23.02.2024 passed by the National Company Law Tribunal (NCLT), Mumbai Bench, in IA No. 4004 of 2023, which approved the Resolution Plan for the Corporate Debtor, Privilege Industries Limited. The appellant claimed to be a secured creditor, but the RP and the Adjudicating Authority treated it as an unsecured creditor.
Unity Small Finance Bank Ltd. (Appellant) sanctioned mortgage overdraft facilities to Privilege Industries Limited (Corporate Debtor) via sanction letters dated 04.11.2011 and 17.01.2013. These facilities were secured by mortgages of immovable property and land provided by guarantors, including Rakesh Kumar Wadhawan. The Corporate Debtor defaulted on the overdraft amount, leading to the account being classified as a Non-Performing Asset (NPA). The Ministry of Finance amalgamated PMC Bank with the Appellant. The Adjudicating Authority initiated Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor on 15.02.2023. The Appellant filed its claim on 03.03.2023. The IRP admitted only Rs.2.53 crores of the Appellant's claim as secured. The RP bifurcated
…Unity Small Finance Bank Ltd. sanctioned…
Unity Small Finance Bank Ltd. sanctioned…