# In the matter of Bank of Baroda vs. IDBI Bank Limited & Ors.

> NCLAT judgment dated 2025-12-23. Citation: TCN-2025-NCLAT-00626. The appeal was filed by Bank of Baroda, an Assenting Financial Creditor, challenging an order…

- **Court:** NCLAT
- **Order date:** 23 Dec 2025
- **Citation:** TCN-2025-NCLAT-00626
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-principal-bench/bank-of-baroda-vs-idbi-bank-limited-ors-3e4d614d

## Summary

### Background

The appeal was filed by Bank of Baroda, an Assenting Financial Creditor, challenging an order dated 10.10.2025 passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, in IA(IBC)/2708(MB)2025 in CP (IB) No.3025/(MB) of 2019. The impugned order allowed IA(IBC)/2708(MB)2025 filed by IDBI Bank Ltd., the Dissenting Financial Creditor of the Corporate Debtor.

## Facts

The CIRP of Reliance Communications Infrastructure Limited (RCIL) commenced on 26.09.2019.

Reliance Projects & Property Management Services Limited submitted a resolution plan that was considered in the 18th CoC meeting on 05.08.2021.

The resolution plan was approved by 67.97% vote share of the CoC, with Bank of Baroda being one of the approving members.

IDBI Bank, State Bank of India, and other financial institutions dissented the resolution plan.

On 31.08.2021, the Resolution Professional filed an application IA No.2429 of 2021 under Section 30(6) of the I&B Code for approval of the resolution plan.

Bank of Baroda filed IA No.127 of 2022 on 02.01.2022, seeking direction to the CoC to convene a meeting for reallocation of distribution of proceeds.

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## Issues and analysis

### Issue 1: Whether the CoC could modify the approved resolution plan to reallocate the Reliance Bhutan Loan to …

**Ratio:** The CoC is bound by the finality of the approved Resolution Plan and cannot be allowed to

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**Reasoning:** The statutory scheme of the I&B Code contemplates that after approval of the

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**Interpretation:** The approved resolution plan is binding on the Resolution Applicant as well as

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**Application:** The CoC could not have exercised any discretion to change the distribution

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## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** Bank of B…
- **Respondents:** Reliance Communica…; IDBI Bank L…; +2 more
- **Other parties:** State Bank of…
- **Advocates:** Abhijeet…; Vijayendra Pratap…; +17 more

## Timeline

- **2019-09-26 — Commencement…**: The CIRP of Reliance Communications…
- **2021-08-05 — CoC Meet…**: The resolution plan was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(6) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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