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TMI Blog2021 (7) TMI 1085X X X X Extracts X X X X X X X X Extracts X X X X ..... claimed by the Financial Creditors admitted were ₹ 20,904,644,307/- and that the dues of Operational Creditors (Workman and Employees) admitted were of ₹ 82,253,253/-. It is recorded that amounts claimed by Operational Creditors (Statutory Dues, Liabilities including outstanding government authority dues, taxes, etc.) were ₹ 4,827,297,551/- (which includes amounts admitted on provisional as well as contingent basis). Then there are dues which were admitted by Operational Creditors (Other than Workmen and Employees and statutory dues) which were of R. 213,192,038/- (including amount admitted on/contingent basis). Considering these amounts and the Liquidation Value, it is difficult to find fault with the Resolution Plan as has been approved. There is substance in the submissions made by the Resolution Professional that if the Corporate Debtor was to go in Liquidation, the Appellant would get Nil amount. The claims made by the Appellant need not be accepted to find fault in the Resolution Plan - appeal dismissed. - Company Appeal (AT) (Ins.) No. 174 of 2021 - - - Dated:- 27-7-2021 - [Justice A.I.S. Cheema] The Officiating Chairperson And [Dr. Alok Srivastava] ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ived at. The Appellant claims that under Section 30(2)(b) of IBC the amounts payable to Operational Creditors shall not be less than the amounts to be paid to Operational Creditors in the event of Liquidation of the Corporate Debtor under Section 53 of IBC. It is argued that the Corporate Debtor has evaded huge penalty and duty payable to the Central Government in the process. Argument is that the necessary provisions of IBC and the regulations of IBC were not followed. The Government would suffer huge loss, was not considered by the Adjudicating Authority keeping in view earlier Judgment in the matter of Binani Industries Pvt. Ltd. Vs. Bank of Baroda passed by this Tribunal in Company Appeal (AT) (Ins.) No. 82 of 2018 on 14th November, 2018. It is stated that the plan cannot be discriminatory against one or other Financial Creditor or Operational Creditor. It is stated that a class of Operational Creditors have been given part of their claims but statutory dues have not been included. The Appellant refers to Paragraph 11 of the Impugned Order which summarized payments proposed to be made under the Resolution Plan as under: 11. The Summary of the payments proposed to be made ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssary to the extent decided by the Resolution Applicant 4. The Learned Counsel for the Respondent No. 1-Resolution Professional relying on the Reply filed by the Respondent No. 1 argued that all necessary steps in conformity with the provisions of the IBC were taken and then I.A. 661 of 2020 for approval of Resolution Plan was put up before the Adjudicating Authority. The Plan of Respondent No. 2-MCPI Pvt. Ltd. was approved by the Committee of Creditors. The approved Resolution Plan proposed the statutory dues and claims to be settled at Nil on account of Liquidation Value computed in accordance with Section 30(2) of IBC being Nil. Respondent No. 1 has stated that the Appellant initially filed claim of ₹ 80.28 crores on 04th September, 2020 which was revised to ₹ 73.76 Crores vide email dated 16th September, 2020. The claim of the Appellant was admitted on a contingent basis as the matter pertaining to the claim was sub-judice and the liability was not crystalized. The Resolution Professional has argued that Valuation was got done pursuant to Regulation 27 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process of Corporate P ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fied claims of Financial Creditors and Operational Creditors and compiled the total admitted claims. The Liquidation Value of the Corporate Debtor was valued at far below the amounts due and payable even to the secured Financial Creditors. It was found that the Liquidation Value was insufficient to even meet the required value for settling the dues of secured Financial Creditors and consequently Liquidation Value was Nil for all other Creditors. Still the Resolution Plan has provisions for Workmen/Employees and Other Operational Creditors (Other than statutory Dues) and thus the plan cannot be faulted with. 6. We have heard Learned Counsel for both sides and considered the submissions made by the parties. The Reply of Respondent No. 2 Diary No. 26401 refers to the approved Resolution Plan at Annexure R-1 page 63 and reference is made to Paragraph 3.5 which deals with proposal for Operational Creditors where the Resolution Applicant stated that Liquidation Value payable towards full and final extinguishment of statutory dues and claims is expected to be Nil and the Liquidation Value is insufficient to meet the dues of even secured Financial Creditors and thus the minimum statutor ..... X X X X Extracts X X X X X X X X Extracts X X X X
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