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2018 (11) TMI 1857 - Tri - Insolvency and BankruptcyApproval of the final resolution plan - Section 30(6) read with Section 31(1) of the Insolvency & Bankruptcy Code, 2016 read with Regulation 39(4) of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process of Corporate Persons) Regulations, 2016 - HELD THAT:- The secured creditors are placed above other creditors in terms of receiving payments. The Resolution Plan provides for sale of security of only Axis Bank while securities of all other creditors are intact so therefore if the sale proceeds of security of Axis Bank, the sole charge holder, is being utilized to make payment, Axis Bank is to be given priority as it is just and legal. Therefore, different treatment given to secured financial creditor Axis Bank regarding priority payment in respect to other creditors is just and reasonable. This Bench is of the considered view that the prayer of Axis Bank, a secured creditor who is losing its security, to receive its share of dues in priority to other creditors is justified. The Resolution Plan approved by the Resolution Professional and the Committee of Creditors with 80.92% voting has been found in conformity Section 30(2) of the IBC along with the regulations 38 and 39 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 has been approved as per Section 31(1) of the IBC with modifications as stated - Application disposed off.
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