2023 (12) TMI 1430

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JUSTICE ASHOK BHUSHAN, CHAIRPERSON, BARUN MITRA MEMBER (TECHNICAL) AND ARUN BAROKA MEMBER (TECHNICAL) For Appellant Mr. Maithili Mehta, Advocate. For Respondents Mr. Rohit Rathi, Mr. Yashas RK, Advocates. ORDER Heard Learned Counsel for the Appellant. 2. This Appeal has been filed against the order dated 18.08.2023 passed by the Adjudicating Authority (National Company Law Tribunal), .....

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..... pers Limited- Civil Appeal No. 1661 of 2020". 4. Learned Counsel for the Respondents refuting the submission of the Appellant contends that the judgment of the Hon'ble Supreme Court in 'Rainbow Papers Ltd.' (supra) has been clarified subsequently and there is no error in allocation of amount of Rs.5 lakhs in the Resolution Plan, the Appellant being only an operational creditor. 5. We have consid .....

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..... tion Plan. 6. Insofar as judgment of the Hon'ble Supreme Court is concerned, we are of the view that in 'Rainbow Papers Ltd.' (supra), the Operational Creditor was held to be secured creditor on the basis of relevant statutory provisions whereas there is no basis to contend that the Appellant is secured operational creditor. We, thus, do not find any error in the impugned order approving the Reso .....

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