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2020 (1) TMI 1603 - NATIONAL COMPANY LAW TRIBUNAL CUTTACK BENCHAdmission of claims of the applicant - rejection of Resolution Plan approved by the Committee of Creditors - direct modification of the Resolution Plan for approval in accordance with law - HELD THAT:- There is no violation or contravention of the Insolvency and Bankruptcy Code, 2016 and Regulation. The respondent has categorically stated that the claim which has been rejected is that of the interest from the commencement of the Corporate Insolvency Resolution Process till the submission of the claim, in other words it was during the moratorium period. In both the applications and in the written submission as well or oral submission, the Counsel for the applicant did not clarify this point. There is no basis for this application, when the larger part of the claim has been accepted, litigations are also pending, it is not appropriate on the part of the applicant to file an application for rejection of the Resolution Plan. The treatment to the applicant and other Operational Creditors are in no way different. All the Operational Creditors shall stand at the same footing as per the waterfall mechanism under Section 53 of the Insolvency and Bankruptcy Code, 2016. There is no valid reason to reject the Resolution Plan. The Committee of Creditors has considered all the points. The Corporate Debtor is an "ongoing concern". The Committee of Creditors has taken into consideration the interest of all the stakeholders. Application dismissed.
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