Creditors enjoying security interest not treatable higher than other creditors

Trimurti Associates Private Limited Vs BKM Industries Limited (NCLT Kolkata)

NCLT Kolkata held that just because a creditor enjoys security interest, it cannot be treated higher than other creditors who have financed the Corporate Debtor.

Facts- The Applicant ICICI Bank is a secured Financial Creditor of BKM Industries Limited. Pursuant to the admission of the Corporate Debtor into Corporate Insolvency Resolution Process, the Applicant submitted its claim for an amount of

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