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2021 (6) TMI 322 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Creditors - Waterfall mechanism - existence of debt and dispute or not - HELD THAT:- The Scheme in relation to the Corporate Debtor viz. NOCL which has been proposed under Section 230 of the Companies Act, 2013 read with the attendant provisions of Insolvency and Bankruptcy Code, 2016 was approved by this Tribunal. As per the said Scheme proposed by the Scheme proponent viz. M/s. Haldia Petrochemicals Limited, the Project Assets of the Corporate Debtor stands vested with the Scheme Proponents and as such the Scheme as sanctioned by this Tribunal in respect of the Corporate Debtor is also binding upon the stakeholders of the Corporate Debtor which also includes the Appellant herein. Even though the claim of the Operational Creditor is admitted then as per the waterfall mechanism which has been provided under the Scheme none of the Operational Creditor would have been paid and only the dues of the Financial Creditors have been settled by the Scheme proponents. Appeal dismissed.
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