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 Dissenting Financial Creditor (FC), that he is entitled a share of 9.88% of the Resolution Plan value of Rs. 425 Crores and therefore he should be given Rs. 42.09 Crores being 9.88% of 425 Crores, that as a dissenting Creditor he should get priority in payment and therefore as Rs. 54.32 Crores has been remitted by Successful Resolution Applicant (SRA) as the 1st tranche of the Resolution amount he should have been paid Rs. 42.09 Crores in full, but instead he has been paid Rs. 9.38 Crores only and that his share has been reduced to Rs. 34.78 Crores being 9.88% of the estimated liquidation value of Rs. 351.88 Crores, that thus the Resolution Plan has violated Section 30(2) of the Code and hence he is not bound to return the title deeds as envisaged in the approved Resolution Plan, unless directions are given to pay the Dissenting Financial Creditors in terms of Clause 1.2.9 (1) (b) of the said plan.
