NCLAT’s ruling affirms the legality of fund distribution to dissenting collectors beneath the authorized resolution plan for OCL Iron and Steel. File
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The National Company Law Appellate Tribunal (NCLAT) has rejected a joint petition filed by 5 banks — Indian Bank, UCO Bank, Bank of Baroda, ICICI Bank and Union Bank of India — difficult the distribution of funds to the dissenting monetary collectors SBI and Punjab National Bank.
A two-member NCLAT Bench stated the distribution mechanism for funds obtained from the resolution plan authorized by the lenders’ physique Certificate of Conformity (CoC), in its business knowledge, and subsequently, the National Company Law Tribunal (NCLT) order is legitimate, lawful, and binding.
Published – April 09, 2026 11:55 am IST