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2019 (5) TMI 1930 - NATIONAL COMPANY LAW TRIBUNAL HYDERABAD BENCHApproval of Resolution Plan - Eligibility of Resolution Professional to place the Resolution Plan before the COC for voting - eligibility of COC to vote on such plan - absence of ascertaining compliance with the mandatory provisions of the Code - HELD THAT:- It is very clear from the proceedings that Financial Creditor holding security interest over the assets of Corporate Debtor were given higher amount from out of the Resolution Fund than those who are not holding the security interest or holding security interest which is lower in value. This grouping of Financial Creditors does not amount to any discrimination. The creditors who are having valuable assets are to be given higher percentage from out of the Resolution Fund than those who are holding less value of the assets. Though, Canara Bank was allotted higher amount than the Applicant, it cannot be said there is discrimination in the allocation of share from the Resolution Fund and the same is done basing on the value of security. There are no ground to direct Resolution Applicant again to revive the allotment basing on the percentage of the claim admitted by Resolution Professional of the amounts due to Financial Creditors. Application dismissed.
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