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TMI Blog2022 (5) TMI 1367X X X X Extracts X X X X X X X X Extracts X X X X ..... For the Respondents : Mr. Anil Anchalia (R1 in person) JUDGMENT Ashok Bhushan, J. 1. This Appeal has been filed against the order dated 04.03.2022 passed by the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, Kolkata, rejecting the I.A (I.B.C)/101(KB)2022 filed by the Appellant. The brief facts of the case necessary to be noticed are:- The Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor was initiated by order dated 15.10.2019. The Appellant has extended the financial assistance to the Corporate Debtor in the year 2014. There was exclusive charge over factory land, building and plots at Ramnagar, West Bengal. The Exclusive Charge of the Appellant- Bank was also registered with the Regi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ogy Development Board vs. Mr. Anil Goel & Ors." has taken the view that secured creditors after having relinquished their security interest could not claim any amount realised from secured assets once they elected for relinquishment of security interest, they would be governed by the waterfall mechanism under Section 53. It is submitted that against the judgment of this Tribunal dated 05.04.2021, Appeal has been filed before the Hon'ble Supreme Court being Civil Appeal No. 11060 of 2021 where the Hon'ble Supreme Court has stayed the judgment of this Tribunal. It is submitted that the Appellant is entitled to receive the entire amount realised from its secured assets. 3. We have considered the submissions of the learned Counsel for the Appe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t of the value receivable by him. It has never been laid down that if a dissenting financial creditor is having a security available with him, he would be entitled to enforce the entire of security interest or to receive the entire value of the security available with him. It is but obvious that his dealing with the security interest, if occasion so arise, would be conditioned by the extent of value receivable by him. 20. The extent of value receivable by the appellant is distinctly given out in the resolution plan i.e., a sum of INR 2.026 crores which is in the same proportion and percentage as provided to the other secured financial creditors with reference to their respective admitted claims. Repeated reference on behalf of the appella ..... X X X X Extracts X X X X X X X X Extracts X X X X
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