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2019 (12) TMI 1445 - AT - Insolvency and BankruptcyApproval of Resolution Plan - alleged that the 'resolution plan' which do not confirm requirements of section 30(2) and discriminates amongst the class of creditors has been approved - HELD THAT:- In 'Committee of Creditors of Essar Steel India Ltd.' [2019 (11) TMI 731 - SUPREME COURT], the Hon'ble Supreme Court held that with regard to distribution method, the National Company Law Tribunal or National Company Law Appellate Tribunal cannot go beyond the commercial wisdom of the 'Committee of Creditors'. This Appellate Tribunal has also held that the commercial wisdom is a subject matter of the 'Financial Creditor (Commercial Creditors), which cannot be decided by the Adjudicating Authority (National Company Law Tribunal) or the Appellate Tribunal (National Company Law Appellate Tribunal). In the present case, there is nothing on record to suggest that the Appellant is a First Charge holder of the assets of the 'Corporate Debtor'. Further, as per the decision of the Hon'ble Supreme Court in 'Committee of Creditors of Essar Steel India Ltd.' (supra), the equitable treatment is to be accorded to each creditor depending upon the class to which it belongs i.e. 'secured' or 'unsecured', 'financial creditor' or 'operational creditor' - the Appellant has failed to show that any of the provisions of section 30(2) has been violated or there is any material irregularity in the corporate insolvency resolution process period. The question of giving benefit to First Charge holder does not arise both on the question of facts and law. The Appellant cannot derive any benefit from Sections 40 or 48 of the Transfer of the Property Act, 1882. As the Appellant has failed to make out any ground under sub-section (3) of section 61 of the I&B Code, no relief can be granted - appeal dismissed.
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