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2021 (2) TMI 162 - AT - Insolvency and BankruptcyApproval of Resolution plan - Appeal has been filed primarily on the basis that the Resolution Plan was approved after deducting part of the claim of the Appellant and the Resolution Plan was approved by the Adjudicating Authority without taking into account effect of 2019 Amendment to IBC (Insolvency and Bankruptcy Code, 2016) - HELD THAT:- In view provisions of amended Section 30(1)(2)(ii) and read the same with Section 53(1) of IBC with paragraphs – 2 and 3 of the Affidavit filed by the Resolution Professional is material. The Resolution Professional has accepted that the average value of the secured asset of the Appellant is ₹ 12.86 Crores and has given his calculation in para – 3 of the Affidavit that even if the amended Section was to be applied, the figure arrived at under Section 53 (1) for the Appellant would be ₹ 8.60 Crores. It is claimed that this has been provided in the Resolution Plan. The challenge put up by the Appellant to the Resolution Plan with regard to provisions made for the Appellant in the Resolution Plan even if looked at from the alternative angle considering the amended provisions of Section 30 of IBC, would not survive.
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