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2019 (9) TMI 1442 - Tri - Insolvency and BankruptcyValidity of Revised Resolution Plan - change in the amount of the financial debt owed to a Financial Creditor - HELD THAT:- The contentions of the Applicants that they are not aware of change of the claim of Canara Bank with respect to first charge of term loan in question is baseless and not tenable. The Resolution Applicant has rightly taken into consideration of the term loan of Canara Bank in question, while distributing the earmarked amount for Financial Creditors. The reliance placed by the Applicants on the amendment IBC Act, 2019 issued vide the Gazette Notification dated 06.08.2019 is misconceived and the same is liable to be rejected. It is to be held that the opinion expressed by the Resolution Professional, concurring the contention of the dissent Financial Creditors (the Applicants herein) that giving priority to Canara Bank, on term loan in question, is not correct and the same is uncalled for. Moreover, the Resolution Professional has finally certified that the Resolution Plan in question, is in accordance with extant provisions of the Code and the Rules made thereunder, as per the Compliance Certificate Form-H dated 31.07.2019. Ultimately the CoC has discussed the objections raised by the Applicants with regard to the additional claim allowed in respect of Canara Bank. Therefore, the reliance placed by the Applicants on the observation made by the Resolution Professional is not tenable and the same is baseless. The Applicants herein are well aware of the change with respect to the impugned claim of term loan and it was given proper opportunity to raise its' objection. It is also not in dispute that the Resolution Plan, in question was approved with a requisite majority as per law. As per law the minimum requirement is 66% of the voting power, whereas the Resolution Plan got a majority of 75.4%. Therefore, the Application is liable to be rejected. Application dismissed.
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