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2022 (8) TMI 1159 - AT - Insolvency and BankruptcyValidity of Resolution Plan - admissibility of claims - improper classification of claim - HELD THAT:- The Resolution Plan was approved by 95.15 % of voting share in 31st Committee of Creditors Meeting dated 13.11.2019. Thus, as per the requirement of Section 30(2)(b) of the Code, the operational creditors of the Corporate Debtor including the Appellant herein, are entitled to a minimum payment of their liquidation value which is Nil in the present case, and therefore the resolution plan of SPTL which proposes NIL payments towards the claims of operational creditors, cannot be called in question on the ground that it contravenes provisions of Section 30(2) of the Code. Hon’ble Supreme Court in the case of Ghanashyam Mishra and Sons Private Limited Vs. Edelweiss Asset Reconstruction Company Limited & Ors. [2021 (4) TMI 613 - SUPREME COURT] has held that all the dues including the statutory dues owed to the Central Government, any State Government or any local authority, if not part of the resolution plan, shall stand extinguished and no proceedings in respect of such dues for the period prior to the date on which the Adjudicating Authority grants its approval Under Section 31 could be continued. Appeal dismissed.
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