NCLAT Allows Secured Creditor's Appeal Against Contribution Order in IBC Liquidation — Secured Creditor Realizing Security Under Section 52 Not Liable to Contribute to Workmen's Dues or Liquidation Costs. The court held that the waterfall mechanism under Section 53 IBC does not apply to secured creditors who opt out of the liquidation process, and Section 226(1)(b) of Companies Act, 2013 is inapplicable.
14 Jan 2025The appeal was filed by Cosmos Co-Operative Bank Ltd., a secured creditor of Pandit Automotive Pvt. Ltd. (corporate debtor), challenging an order of t...
