JUDGMENT :

SANJIV KHANNA, J.

The issue that arises for consideration in the present appeals is:

Whether Section 30(2)(b)(ii) of the Insolvency and Bankruptcy Code, 2016¹[For short, “IBC” or “the Code”, as the case may be], as amended in 2019, entitles the dissenting financial creditor to be paid the minimum value of its security interest?

2. Appellant - DBS Bank Limited Singapore had extended financial debt of around USD 50,000,000 (fifty million dollars only) or Rs.243,00,00,000 (rupees two hundred forty three crore only) to M/s. Ruchi Soya Industries Limited²[For short, “Corporate Debtor”], the corporate debtor.

3. The financial debt was secured by: (i) a sole and exclusive first charge over certain immovable and fixed assets of the Corporate Debtor in Kandla, Gujarat; and (ii) sole and exclusive first charge over assets of the Corporate Debtor in Baran, Rajasthan; Guna, Madhya Pradesh; Dalauda, Madhya Pradesh; Gadarwara, Madhya Pradesh; and a commercial office space at Nariman Point, Mumbai.

4. On 15.12.2017, Corporate Insolvency Resolution Process³[For short, “CIRP”] was initiated against the Corporate Debtor under the provisions of the Code. The company petition seeking to initiate