NCLAT Rejects HDFC Bank’s Bid to Exclude Mortgaged Units from Resolution Plan

HDFC Bank Ltd Vs Atul Kumar Kansal & Ors (NCLAT Delhi) New Delhi: The National Company Law Appellate Tribunal (NCLAT) in Delhi has dismissed an appeal by HDFC Bank Ltd., which sought the exclusion of certain mortgaged units from the resolution plan of a Corporate Debtor undergoing the Corporate Insolvency Resolution Process (CIRP). The tribunal upheld the Adjudicating Authority’s decision, ruling that the bank lacked the legal standing to raise such an objection in this context, as its mortgage rights stemmed from a transaction with a third party, not directly with the Corporate Deb...