JUDGMENT

ASHOK BHUSHAN, J.

The Appellants by these two Appeals have challenged two orders passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, Court-III dated 31.03.2023. By first order dated 31.03.2023, I.A. No. 1311/2022 filed by the Appellant in C.P No. 2915/IBC/MB/2019 has been rejected and by the second order of the same date i.e. 31.03.2023, I.A. No. 1143/2022 filed by the Resolution Professional for approval of the Resolution Plan has been approved and the Resolution Plan submitted by Respondent No.3 has been approved by the Adjudicating Authority. Appellant aggrieved by the aforesaid orders has come up in these Appeals. The brief facts of the case giving rise to these Appeals are:

i. Yes Bank Ltd. Granted a term loan of INR 150 Crores (Term Loan - I) to BILT Graphic Paper Products Ltd. (BGPPL/Principal Borrower) on 01.09.2015. A second term loan of INR 250 Crore (Term Loan - II) was granted to BGPPL on 04.05.2016.

ii. Security for the loans was entrusted in favour of the Security Trustee namely Vistara ITCL (India) Ltd. Ballarpur Industries Limited (Corporate Debtor) in order to secure the loan facility availed by BGPPL created a mortgage with exclusive charge in favour of the Security Trustee on Industrial Complex and Land admeasuring 621 acres situated at Choudwar, Orissa.

iii. MOU on 22.06.2016 for Term Loan-II was executed. The Corporate Debtor - Ballarpur Industries Limited also executed Corporate Guarantee by Guarantee Agreement dated 22.06.2016 in favour of the Security Trustee for due repayment in respect of Term Loan- II for an amount of INR 250 Crores.

iv. On 30.09.2016, Yes Bank assigned its debt and underlying securities in respect of the BGPPL in favour of Edelweiss Asset Reconstruction Company Ltd. (EARCL).

v. On an application filed under Section 7 by Finquest Financial Solutions Pvt. Ltd., CIRP was initiated by the Adjudicating Authority vide order dated 17.01.2020 against the Corporate Debtor.

vi. On 23.01.2020, public announcement was made by the IRP inviting claims from the creditors.

vii. On 05.02.2020, Appellant filed its claim in Form C as a Secured Financial Creditor claiming an amount of INR 133,24,05,045/-. The claim filed by the Appellant relate to Term Loan-II of INR 250 Crores. Corporate Guarantee dated 22.06.2016 was relied in the claim form. Details of securities charged were also mentioned in the form.

viii. On 19.10.2020, the Resolution Professional rejected the claim of the Appellant informing that there is no default by the Principal Borrower i.e. BGPPL, hence, claim of the Appellant was placed in the category of ‘Other Creditors’ being a Secured Creditor.

ix. On 24.12.2020, final list of creditors was issued, under which against the claimed amount of INR 133,24,05,045/-, claim filed by the Appellant was classified as ‘Other Creditors’ at notional value of INR 1.

x. The Appellant neither challenged the rejection of claim as Financial Creditor nor challenged the notional value of Re.1 allotted to the claim.

xi. In the CIRP process of the Corporate Debtor, Resolution Plan submitted by Respondent No.3 was approved on 14.04.2022 with 88% voting share of the CoC.

xii. The Resolution Professional filed an I.A. No. 1143 of 2022 before the Adjudicating Authority seeking approval of the Resolution Plan.

xiii. On 03.05.2022, public notice was issued by the Resolution Professional placing the contents of the Resolution Plan of the Corporate Debtor with respect to treatment of land admeasuring 621 acres situated at Choudwar, District Cuttack, Orissa.

xiv. The notice mentioned that Finquest Financial Solutions Pvt. Ltd. has emerged as Successful Resolution Applicant of the Corporate Debtor, whose Resolution Plan envisages sale of this land and proceeds shall be provided to the Financial Creditors – members of the CoC of the Corporate Debtor. The Appellant who has secured interest in the aforesaid asset and who had already filed a claim in the CIRP and his claim was admitted in the ca