The NCLT directs modification of the Precision Realty resolution plan, safeguarding the statutory rights of secured creditor IndusInd Bank | Representational Image
Mumbai, June 2: The National Company Law Tribunal (NCLT), in its recent order passed in the insolvency case of Precision Realty Developers Pvt Ltd, has held that a dissenting secured financial creditor cannot be deprived of the minimum liquidation value attached to its exclusive security interest.
The tribunal thus ruled in favour of IndusInd Bank. Thane-based Precision Realty Developers Pvt Ltd has entered the Corporate Insolvency Resolution Process (CIRP). The tribunal, in its order, directed that the bank be paid at…