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TMI Blog2024 (4) TMI 1096X X X X Extracts X X X X X X X X Extracts X X X X ..... f the CoC is unjusticiable. Moreover, the liquidation value of the operational creditors is NIL and the amount which has been distributed to the CD in accordance with Section 53(1) shall have to be Nil as well, therefore, the resolution plan is not in violation of Section 30(2)(b) of the Code. Moreover, admitted claim regarding the financial creditors is to the tune of Rs. 12067,57,69,383 and amount provided under the plan is Rs. 2500 Cr. which is to the tune of 20.098%, therefore, all the other creditors including unsecured financial creditors and operational creditors have been provided NIL. There are no error in the impugned order having been passed in respect of the applications filed by the Appellants, therefore, the appeal is found to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he amount to be paid to such creditors in the event of a liquidation of the corporate debtor under section 53; or the amount that would have been paid to such creditors, if the amount to be distributed under the resolution plan had been distributed in accordance with the order of priority in sub-section (1) of section 53. 25. Since the Liquidation value of the Operational Creditors is 'Nil' and the amount which shall be distributed to the Corporate Debtor in accordance with Section 53(1) would have been the Nil as well. Therefore, we are of the considered view that the Resolution Plan is not in violation of Section 30(2)(b) of IBC, 2016. 26. Since the plan is approved by the 100% votes by the CoC. Therefore, this bench cannot interf ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... No. 2), Rs. 1,78,63,387.81/- (Appellant No. 3) and Rs. 3,28,63,598/- (Appellant No. 4). The claims of the Appellants were admitted by the IRP as under Rs. 5,44,85,628/- (Appellant No. 1), Rs. 25,70,452/- (Appellant No. 2), Rs. 1,60,19,388/- (Appellant No. 3) and Rs. 3,28,31,045/- (Appellant No. 4) 5. The Respondent No. 2 i.e. Adani Power Limited, submitted the resolution plan which was approved by the CoC. As per the said resolution plan, the total amount of admitted claim is Rs. 12025,63,31,567/-. The liquidation value is Rs. 1733 Cr. (approx.) and the Fair value is Rs. 2657 Cr. (approx.). 6. The IRP filed the application bearing I.A No. 2829 of 2021 before the Adjudicating Authority for approval of the resolution plan making the following ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the applications filed by the Appellants have rightly been dismissed by the Adjudicating Authority by recording cogent reasons. It is further submitted that as per Section 30(2) of the Code, the resolution professional is required to examine that payments proposed to the operational creditors shall not be less than the amount to be paid to the operational creditors in the event of liquidation of the Corporate Debtor under Section 53 or less than the amount payable to operational creditor if the resolution proceeds were to be distributed in accordance with the priority under Section 53 of the Code whichever is higher. 11. It is further submitted that liquidation value of the CD is approximately Rs. 1733 Cr. while the total admitted fina ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment of the Code is non-justiciable and also relied upon a decision of the Hon ble Supreme Court in the case of K. Shashidhar Vs. Indian Overseas Bank Ors., (2019) 12 SCC 50. 15. Counsel for Respondent No. 2 has submitted that the resolution plan was unanimously approved by the CoC in exercise of its commercial wisdom which is not open to judicial review. The liquidation value of the CD disclosed by Respondent No. 1 was Rs. 1733/- Cr. and as such the liquidation value of the operational creditors of the CD was NIL. 16. It is further submitted that the approved resolution plan, offered NIL payment to unsecured financial creditors, operational creditors and contingent creditors as such the offer is in accordance with Section 30(2)(b) of the C ..... X X X X Extracts X X X X X X X X Extracts X X X X
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