Fixed Deposits Create Valid Security Interest: NCLAT Upholds ICICI Bank’s Secured Creditor Status

ICICI Bank Ltd. Vs Resolution Professional of Darjeeling Organic Tea Pvt. Ltd. (NCLAT Delhi) Summary: The National Company Law Appellate Tribunal (NCLAT), Delhi, decided an appeal filed by ICICI Bank Ltd. against an order dated 23 April 2024 passed by the National Company Law Tribunal (NCLT), Kolkata Bench, in the insolvency proceedings of Darjeeling Organic Tea Pvt. Ltd. The appeal arose from the NCLT’s decision on two interlocutory applications—IA (IBC)/2093(KB)2023 filed by the Resolution Professional (RP) and IA (IBC)/548(KB)2024 filed by ICICI Bank. The NCLT had disposed of both appli...