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2020 (8) TMI 461 - AT - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Financial Creditors - It is claimed that the Appellant deserve similar treatment as the Secured Financial Creditors - whether the Appellant required separate treatment at par with Secured Financial Creditors on the basis of the claim that it was Secured Operational Creditor? HELD THAT:- What appears is that the COC has consciously taken decision so as to persuade the SRA to increase the worth of the Resolution Plan to the extent of ₹ 235.86 Crores but in the process, accepted portions payable to the Operational Creditors to be reduced. As regards the contention of the Appellant in Appeal No.688 of 2019 that its claim was accepted by RP to the extent of ₹ 73,07,76,273/-, the RP has in Reply (Diary No.14497 of Appeal No.688 of 2019), accepted that in this regard, there was clerical/typographical error which can be rectified. What is apparent from the Appeal No.688 of 2019 itself is that the RP had initially accepted the claim of the Appellant – IOC (Indian Oil Corporation Limited) only of ₹ 39,09,99,828/- which after correspondence was accepted to the extent of ₹ 73,07,76,273/-. It seems that subsequently, the earlier RP – Mohan Lal Jain was replaced. In the process, the error may have occurred but now the RP has fairly accepted that this was an error which needs to be rectified. There are no substance in the Company Appeal (AT) (Ins) No.680 of 2019 to interfere with the Impugned Order or the Resolution Plan which has been approved - appeal disposed off.
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