Auction Buyer Cannot Seek NPA Reclassification Against Creditor’s Rights: NCLAT

IDBI Bank Ltd Vs Silver Stallion Ltd (NCLAT Delhi) In this case, the Financial Creditor appealed against a blanket concession order passed by the Adjudicating Authority in a liquidation proceeding of a Corporate Debtor (CD). The CD had loans of approximately Rs. 428 Crores from the appellant and was liquidated, with its assets sold to a Successful Auction Purchaser as a going concern. The appellant received around Rs. 7 Crores against its claims. The Auction Purchaser had sought 21 concessions, including a critical one requiring the CD’s accounts to be regularized and classified as “standa...