NCLAT upheld NCLT Mumbai's order denying Tata Capital Ltd's right to realize its security interest outside the liquidation estate of the corporate debtor.
The tribunal found Tata Capital failed to exercise its statutory option under Section 52 of IBC within the prescribed 30-day period from liquidation commencement.
Tata Capital's belated claim via email on 19 February 2025, six months after liquidation began and after scheme rejection, was deemed non-compliant with Regulation 21A.
The court ruled that participation in Stakeholders' Consultation Committee meetings and voting on compromise scheme constituted conduct inconsistent with standing outside liquidation.