This is a civil appeal (No. 3858/2020) before the Supreme Court of India. The appellant, Volkswagen Finance Private Limited, is appealing a decision related to the interpretation of the Insolvency and Bankruptcy Code (IBC) and related regulations. The appeal concerns the validity and recognition of a security interest created through a hypothecation agreement for a vehicle loan provided to the corporate debtor. The appellant contends that the National Company Law Appellate Tribunal (NCLAT) erroneously interpreted Section 52(3) of the IBC and Regulation 21 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations 2016.
Volkswagen Finance Private Limited provided a loan of Rs 36 lakhs to a corporate debtor, secured by a hypothecation agreement on a vehicle. The charge was registered under the Motor Vehicles Act 1988 and endorsed on the certificate of registration. The charge is also recognized under Section 77(3) and (4) of the Companies Act 2013. Shree Balaji Printopack Pvt. Ltd. is the respondent in the appeal. The appellant, Volkswagen Finance, claims a security interest in the vehicle. The National Company Law Appellate Tribunal (NCLAT) allegedly misinterpreted Section 52(3) of the IBC and Regulation 21 of the IBBI (Liquidation Process) Regulations 2016, leading to the appeal before the Supreme Court. The appellant contends that their security interest should be recognized and
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This is a civil appeal (No. 3858/2020) before the Supreme Court of India. The appellant, Volkswagen Finance Private Limited, is appealing a decision related to the interpretation of the Insolvency and Bankruptcy Code (IBC) and related regulations. The appeal concerns the validity and recognition of a security interest created through a hypothecation agreement for a vehicle loan provided to the corporate debtor. The appellant contends that the National Company Law Appellate Tribunal (NCLAT) erroneously interpreted Section 52(3) of the IBC and Regulation 21 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations 2016.
Volkswagen Finance Private Limited provided a loan of Rs 36 lakhs to a corporate debtor, secured by a hypothecation agreement on a vehicle. The charge was registered under the Motor Vehicles Act 1988 and endorsed on the certificate of registration. The charge is also recognized under Section 77(3) and (4) of the Companies Act 2013. Shree Balaji Printopack Pvt. Ltd. is the respondent in the appeal. The appellant, Volkswagen Finance, claims a security interest in the vehicle. The National Company Law Appellate Tribunal (NCLAT) allegedly misinterpreted Section 52(3) of the IBC and Regulation 21 of the IBBI (Liquidation Process) Regulations 2016, leading to the appeal before the Supreme Court. The appellant contends that their security interest should be recognized and
…The appeal was called…
Notice issued…