Dbs Bank Limited Singapore vs Ruchi Soya Industries Limited
Judges (2)
Case Significance
Dbs Bank Limited Singapore vs Ruchi Soya Industries Limited is a Supreme Court of India decision dated January 3, 2024 (citation: insc-2024-14). DBS Bank, a dissenting financial creditor in the insolvency resolution of Ruchi Soya Industries, challenged the resolution plan approved by the Committee of Creditors which offered it only Rs. 64.24 crore against its admitted claim of Rs. 242.96 crore secured by exclusive first charges. The key issue was whether Section 30(2)(b)(ii) of the IBC entitles a dissenting financial creditor to the minimum value of its security interest. The Supreme Court referred the question to a larger bench, taki The bench comprised Justices S.V.N. Bhatti and Sanjiv Khanna. The judgment was delivered by Justice Sanjiv Khanna.
Summary
DBS Bank, a dissenting financial creditor in the insolvency resolution of Ruchi Soya Industries, challenged the resolution plan approved by the Committee of Creditors which offered it only Rs. 64.24 crore against its admitted claim of Rs. 242.96 crore secured by exclusive first charges. The key issue was whether Section 30(2)(b)(ii) of the IBC entitles a dissenting financial creditor to the minimum value of its security interest. The Supreme Court referred the question to a larger bench, taking a different view from India Resurgence ARC.
What was the outcome of Dbs Bank Limited Singapore vs Ruchi Soya Industries Limited?
DBS Bank, a dissenting financial creditor in the insolvency resolution of Ruchi Soya Industries, challenged the resolution plan approved by the Committee of Creditors which offered it only Rs. 64.24 c...
Judgment
Read the full judgment on the official India Courts portal.
Read on Indian KanoonSource: Indian Kanoon (insc-2024-14)