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2023 (11) TMI 375 - AT - Insolvency and BankruptcyRecovery of dues - first charge on the assets of the Corporate Debtor - Seeking direction to the Resolution Professional (RP) to take into account the priority of distribution of the Plan realizations and taking into account the priority assigned to the dissenting Financial Creditor, who are also secured creditors - HELD THAT:- This Tribunal after taking into consideration the judgment in India Resurgence Arc Private Limited Vs. M/s. Amit Metaliks Limited & Anr. [2021 (6) TMI 684 - SUPREME COURT], upheld the judgment of the Adjudicating Authority, who rejected the IA, which was filed by SIDBI for distribution as per security interest. In the case of Vistra [2023 (5) TMI 303 - SUPREME COURT], the claim of Financial Creditor was not admitted. Whereas in the present case the debt of the Appellant was admitted. In Vistra, the claim of Vistara to be secured creditor was rejected as has been noticed in paragraphs 2 to 10 of the judgment itself. Whereas, the Appellant in the present case has been recognized as a dissenting Financial Creditor and was part of the CoC and in the present case, the CoC by its decision has approved both the distribution mechanism as well as the Resolution Plan, which proposed distribution based on proportion of admitted claim. Vistra was never treated as secured creditor or given its minimum entitlement as secured creditor as per Section 53(1). The judgment of Vistra is a judgment of the Hon’ble Supreme Court, which is referable to Article 142 of the Constitution, which jurisdiction was exercised and ultimately the Hon’ble Supreme Court has held Vistra to be a secured creditor. The present is a case where ICICI Bank was accepted and recognized as Financial Creditor and its full claim was accepted and distribution to the Appellant was as per Section 30, sub-section (2)(b) of the IBC. Thus, no error has been committed by the Adjudicating Authority in rejecting the application - appeal dismissed.
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