Bank of India Challenges Frost International Resolution Plan

Bank of India, a 12.97% dissenting creditor, filed an application challenging the approved resolution plan for Frost International Ltd.
The challenge focuses on the inter-se distribution of proceeds amongst secured creditors, ignoring Bank of India's claim of an exclusive 5% margin charge.
The Tribunal disposed of the application, ruling distribution must follow the ratio of admitted claims per existing precedent, pending a Supreme Court decision.
The outcome of Bank of India's appeal against an NCLAT order and a larger Supreme Court bench will ultimately determine its security interest entitlement.