The Tribunal noted that because “secured creditors” and “security interests” are treated completely differently in the liquidation process than they are during the CIRP, the legislature never intended for Section 77 of the Companies Act to be applied to the CIRP.
The National Company Law Appellate Tribunal (NCLAT), New Delhi held that a creditor may be considered a “Secured Creditor” under section 3(30) of the Insolvency and Bankruptcy Code, 2016 (IBC) by the Resolution Professional (RP) even if they have not registered a “charge” in accordance with Section 77 of the Companies Act, 2013.
Home Kraft Avenues, the Appellant had granted a loan of Rs.11 crores to the Corporate Debtor by a loan agreement on 29.10.2015. Two options…
