The Hon’ble two-judge bench of the Hon’ble Supreme Court has held that it is not with the conferment of the scheme of Insolvency and Bankruptcy Code to hold that it is not permissible for the secured creditor to be entitled to the amount about the higher security interest.
The Hon’ble bench consisting of Hon’ble Justices Vineet Saran and Hon’ble Dinesh Maheshwari further held that it is not within the scope of dissenting secured creditor to challenge the resolution plan drafted and approved under IBC on the ground that a higher amount should have been paid for the reason of security interest by the corporate debtor.
In the instant case, a resolution plan was by the IBC for insolvency of the corporate debtor VSP Udyog Private Limited was challenged by the appellant. The main grievance of the appellant was that a meager amount was presented under the resolution without considering the valuation of the security.
