NCLAT’s ruling affirms the legality of fund distribution to dissenting creditors under the approved resolution plan for OCL Iron and Steel. File | Photo Credit: Getty Images/iStockphoto The National Company Law Appellate Tribunal (NCLAT) has rejected a joint petition filed by five banks — Indian Bank, UCO Bank, Bank of Baroda, ICICI Bank and Union Bank of India — challenging the distribution of funds to the dissenting financial creditors SBI and Punjab National Bank. A two-member NCLAT Bench said the distribution mechanism for funds received from the resolution plan approved by the lenders’ body Certificate of Conformity (CoC), in its commercial wisdom, and subsequently, the National Company Law Tribunal (NCLT) order is valid, lawful, and binding. Published – April 09, 2026 11:55 am IST Share this: Click to share on WhatsApp (Opens in new window) WhatsApp Click to share on Facebook (Opens in new window) Facebook Click to share on Threads (Opens in new window) Threads Click to share on X (Opens in new window) X Click to share on Telegram (Opens in new window) Telegram Click to share on LinkedIn (Opens in new window) LinkedIn Click to share on Pinterest (Opens in new window) Pinterest Click to email a link to a friend (Opens in new window) Email More Click to print (Opens in new window) Print Click to share on Reddit (Opens in new window) Reddit Click to share on Tumblr (Opens in new window) Tumblr Click to share on Pocket (Opens in new window) Pocket Click to share on Mastodon (Opens in new window) Mastodon Click to share on Nextdoor (Opens in new window) Nextdoor Click to share on Bluesky (Opens in new window) Bluesky Like this:Like Loading... Post navigation Title ‘Swatantryaveer’ not conferred by government on Savarkar, grandnephew tells court Sri Krishna Sweets trademark dispute: Madras High Court refuses to summon Deputy Registrar