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2022 (8) TMI 325 - AT - Insolvency and BankruptcyRight of second charge holder to claim priority over the first charge holder - bifurcation of the amounts to be distributed to the lenders - waterfall mechanism as provided under section 53 of the IBC for distribution of funds - HELD THAT:- It cannot be gainsaid that the Appellant, who is a stakeholder in the liquidation process, is entitled to know his share in the distribution matrix and how it has been arrived at. The Impugned Order falls short of providing a reasoned answers to the Applicant’s (ARSEC (India) Limited) prayers. The Impugned Order falls short in providing a reasoned basis and clarity to the prayers of the Appellant made in MA 520/2019 - the case is remanded back to the Adjudicating Authority for providing an appropriately reasoned and clear order in the light of prayers made in MA 520/2019 after giving due opportunity of hearing to the parties - appeal disposed off.
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