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2019 (9) TMI 965 - Tri - Insolvency and BankruptcyValidity of Resolution plan - Attachment of Bank Accounts - HELD THAT:- The Plan approved by the Committee of Creditors, giving benefit to all stake holders in proportion to the resolution amounts to be paid by the Resolution Applicant. There are two Financial Creditors, one is Secured Financial Creditor i.e. Allahabad Bank and another is Unsecured Financial Creditor i.e. Todi Investors(India) Pvt. Ltd. While the Secured Financial Creditor voted in favour of the Resolution Plan, the Unsecured Financial Creditor did not choose to vote and thereby dissented from approving the Resolution Plan. The single majority of voting share of Secured Creditors comes to 90.93 percentage, thereby on its strength, the Plan has been approved by the Committee of Creditors - On a look at the distribution of the resolution amounts, it is understood that the Secured Financial Creditor agreed to share 57.3% of total admissible claim to the tune of INR 52.36 crores and the Unsecured Creditor has been provided 0.96 percentage of total admitted claim to the tune of INR 5 lacs. The workmen and the employees, the Operational Creditors, as well as the existing shareholders would also be benefitted to the extent of their proportionate share in the remaining amount available for distribution. This is a case in which the CoC has judiciously distributed the financial bids to the stakeholders as per their entitlements. There is nothing in the plan, so as to disapprove it. The financial matrix has been approved by the CoC already. The Resolution Plan of PND Infrastructure Pvt. Ltd., which is approved by the CoC with 90.93% voting share, is hereby approved under provisions of sub-section(1) of Section 31 of the Insolvency and Bankruptcy Code, 2016, which shall be binding on the Corporate Debtor, KND Engineering Technologies Limited, its employees, members, creditors, guarantors and other stakeholders involved in the Resolution Plan subject to the below mentioned modification - application disposed off.
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