Dissenting Creditor to be given priority while disbursing payments from Successful Resolution Applicant

RBL Bank Limited Vs Sical Logistics Limited (NCLAT Chennai)

NCLAT Chennai held that payments from Successful Resolution Applicant will be done on pro-rata basis amongst the creditors but the Dissenting Creditor has to be pad first before other Financial Creditors. Accordingly, appeal stands allowed.

Facts- The Resolution Plan that was approved by Committee of Creditors (CoC) on 29.02.2022, and later on, affirmed by NCLT on 08.12.2022 amounts to payment of 521.82 Crores by the Successful Resolution Applicant (SRA).

The Appellant contended that he is a

Please become a Premium member. If you are already a Premium member, login here to access the full content.