ICICI Bank Ltd. Vs Resolution Professional of Darjeeling Organic Tea Pvt. Ltd. (NCLAT Delhi)
Summary: The National Company Law Appellate Tribunal (NCLAT), Delhi, decided an appeal filed by ICICI Bank Ltd. against an order dated 23 April 2024 passed by the National Company Law Tribunal (NCLT), Kolkata Bench, in the insolvency proceedings of Darjeeling Organic Tea Pvt. Ltd. The appeal arose from the NCLT’s decision on two interlocutory applications—IA (IBC)/2093(KB)2023 filed by the Resolution Professional (RP) and IA (IBC)/548(KB)2024 filed by ICICI Bank. The NCLT had disposed of both applications with directions requiring ICICI Bank to release certain fixed deposit amounts of the corporate debtor and to furnish documents for verifying its status as a secured financial creditor.
Background of the Case
Darjeeling Organic Tea Pvt. Ltd. had availed financial facilities from ICICI Bank. Initially, the bank extended non-fund-based facilities backed by fixed deposits provided by the company. Later, on 31 July 2021, an overdraft facility of ₹1 crore was granted against cash collateral in the form of fixed deposits worth ₹1.06 crore. The Corporate Insolvency Resolution Process (CIRP) against Darjeeling Organic Tea Pvt. Ltd. commenced on 28 October 2022. ICICI Bank filed its claim on 3 January 2024 as a financial creditor for ₹99,36,968.09 as of the insolvency commencement date, claiming secured status based on the fixed deposits and a bank guarantee.
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