Infrastructure Leasing and Financial Services Limited v. State Bank of India
2024-11-04
D.Y.CHANDRACHUD, J.B.PARDIWALA, MANOJ MISRA
body2024
DigiLaw.ai
ORDER 1. The National Company Law Appellate Tribunal, while allowing IA No 5815 of 2023 instituted by the State Bank of India, issued the following directions : “(i) Interim distribution shall be made to the lenders of 75% of the amount lying in the Escrow Account as per the Escrow Agreement. The balance amount is to be used for O&M payments and other payments. (ii) Lenders shall also give an undertaking for refund of the amount received, in event ultimately, it is found that they were not entitled to the extent of the amount received by them. (iii) The above distribution shall be subject to any further orders passed by the NCLT and NCLAT.” 2. Directions (ii) and (iii) above sufficiently safeguard the interest of all stakeholders. 3. In view of the above position and since the impugned order was passed on an interim application, we are not entertaining the appeal at this stage. 4. The Appeal is accordingly dismissed. 5. Pending applications, if any, stand disposed of.