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2020 (9) TMI 1034 - Tri - Insolvency and BankruptcyPayment ot dissenting Financial Creditors - compliance of the provisions of Section 30(2)(b)(ii) of the Insolvency and Bankruptcy Code, 2016 r/w Regulation 38(ii)(b) of the CIRP Regulations - HELD THAT:- The amended Section 30(2)(b)(ii) r/w amended Regulation 38 stipulates payments in priority to the dissenting Financial Creditors. The Applicant submits that Explanation 2 to Section 30(2) in terms stipulates that these amendments would apply even to the existing proceedings pertaining to the approval of the resolution plan. Admittedly, the resolution plan in relation to the Corporate Debtor was not approved as on the date of t amendment in terms of Section 31 of the Code. The Applicant is constrained to prefer the present application seeking appropriate directions against the Respondents - This Adjudicating Authority may be pleased to declare and order the Resolution Plan in relation to B.P. Food Products Private Limited, the Corporate Debtor, to the extent it does not provide payment of dues of dissenting Financial Creditor to be paid in priority, is liable to be rejected as it is not in conformity with Section 6 of the Insolvency and Bankruptcy Code (Amendment) Act, 2019 r/w Section 30(2) of the Code r/w Regulation 38 of CIRP Regulations, in the interest of justice and equity.
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