Dissenting Financial Creditor was only entitled to Liquidation Value of Secured Interest u/s 30(2)(b) of IBC

Merina Commotrade Pvt. Ltd. Vs Anand Sonbhadra (NCLAT Delhi) Conclusion: The intent of the legislature was not that a security interest available to a dissenting financial creditor over the assets of the corporate debtor gave him some right over and above other financial creditors so as to enforce the entire of the security interest and thereby bring about an inequitable scenario, by receiving excess amount, beyond the receivable liquidation value proposed for the same class of creditors as per Section 30(2)(b) of the Code. Held: Appellant had submitted that it was a secured financial creditor...