2023 (12) TMI 1412 - SC - IBC

Approval of the Resolution Plan challenged - challenged on the ground that as per the Resolution Plan only 0.13% has been earmarked towards Government dues and the Financial Creditor is getting 44.5% of the Claim amounts and the other Operational Creditors are getting 0.51% of their Claim amounts which is stated to be unfair - it was held by NCLAT that In the instant case this Tribunal do not find any such irregularity in the Provisions of the Resolution Plan as specified under Section 30 (2) of the Code. HELD THAT - Issue notice returnable in March 2024.

Summary

The Supreme Court of India, comprising Hon'ble Mr. Justice Sanjiv Khanna and Hon'ble Mr. Justice S.V.N. Bhatti, issued an order in the case involving the appellant represented by Mr. Tushar Mehta, SG, and others. The Court directed that notice be issued, returnable in March 2024, to address the matter at hand. The notice is to be served through all available methods, including "dasti" (personal service). The Court clarified that the dues payable to the appellant are to be treated as "Government Dues," with the primary issue in the appeal concerning the "quantifying of the said dues."