9911796707
TMI Blog2024 (9) TMI 1255X X X X Extracts X X X X X X X X Extracts X X X X ..... 2)(b) which has been denied in the Resolution Plan. The issue raised by the Appellant is fully covered by the recent judgment of this Tribunal in Rajat Metaal Polychem Pvt. Ltd. vs. Mr. Neeraj Bhatia and Anr. [ 2024 (9) TMI 411 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , PRINCIPAL BENCH , NEW DELHI - LB ] where this Tribunal while dealing with the similar claim of the operational creditors has laid down that ' It is true that Operational Creditors as the law stands now are denied any payment when the amount payable to them in the event of Liquidation is NIL, but till the Legislature comes to the aid of the claim of Operational Creditor by amending the Legislative Scheme hands of the Courts are tied to take any other view in the matter.& ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3. We have heard Counsel for the Appellant as well as Counsel appearing for the Resolution Professional as well as Counsel for the SRA. 4. Counsel for the Appellant submits that although the operational claim of the Appellant was admitted in full, however, in the Resolution Plan, the payment proposed to the Operational Creditor is nil. It is submitted that all stakeholders claims have to be considered in the Resolution Plan and no payment has been proposed to the Operational Creditor. Resolution Plan did not require any approval. 5. Counsel for the Respondents refuting the submissions of the Counsel for the Appellant submits that the liquidation value which would have been available to the Appellant in event the Corporate Debtor was liquid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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, whichever is higher and provides for the payment of debts of financial creditors, who do not vote in favour of the resolution plan, in such manner as may be specified by the Board, which shall not be less than the amount to be paid to such creditors in accordance with subsection (1) of section 53 in the event of a liquidation of the corporate debtor. Explanation 1.--For the removal of doubts, it is hereby clarified that a distribution in accordance with the provisions of this clause shall be fair and equitable to such creditors. Explanati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the facts of the present case there is any noncompliance of Section 30(2)(b) in proposing NIL amount to the Operational Creditor. It is true that non-payment of any payment of Operational Creditor is harsh but the law as stand today is to that effect. We may notice that this Tribunal in the matter of `Damodar Valley Corporation Vs. `Dimension Steel and Alloys Pvt. Ltd. Ors. in Comp. App. (AT) (Ins.) No. 62/2022, has observed that time has come when it should be examined by the Government to find out as to whether there are any grounds for considering change in the Legislative Scheme towards the payment to the Operational Creditor which also consists of the Government dues. In Paragraph 31 of the Judgment following has been observed: 31. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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