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2020 (11) TMI 121 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHIApproval of the Resolution Plan - distribution mechanism - revision of share proportion of the resolution fund amongst the Secured Financial Creditors equally - HELD THAT:- The Adjudicating Authority was of the view that the same was not in conflict with the provisions of Section 30(2) of the I&B Code. Thus, the resolution plan in question came to be approved. As noticed elsewhere in this judgment, the claim of the Appellant as Financial Creditor has been admitted by the Resolution Professional during the Corporate Insolvency Resolution Process and the Appellant, as a constituent of the Committee of Creditors having voting right of 3.94%, has assented to the approval of the resolution plan of the Successful Resolution Applicant. After admission of Appellant’s claim by the Resolution Professional he can hardly have a grievance against the Resolution Professional. Though, the Appellant appears to have raised an objection in regard to inclusion of uninvoked Bank Guarantees in the admitted claim, its approval of the resolution plan as an assenting Financial Creditor would estop it from questioning the same resolution plan, though only in regard to distribution mechanism, which admittedly rests upon commercial wisdom of the Committee of Creditors, who set apart amount of ₹ 135 Crores as contingency fund to take care of certain eventualities which in itself was a business decision based on commercial wisdom of Committee of Creditors binding all constituents of Committee of Creditors including the Appellant. The scope of judicial review under Section 61(3) of I&B Code being limited to grounds enumerated therein and no material irregularity having been shown to have occurred during the Corporate Insolvency Resolution Process before approval of the Resolution Plan by the Committee of Creditors, the Appellant has no case. It is not the Appellant’s grievance that he has been discriminated against as a dissenting Financial Creditor or that his admitted claim has not been taken into consideration while allocating the amount in terms of the distribution mechanism found perfectly in order by the Adjudicating Authority. No case for judicial interference is made out - Appeal dismissed.
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