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2023 (11) TMI 726 - AT - Insolvency and BankruptcyApproval of Resolution Plan - waterfall mechanism - HELD THAT:- The claim filed by the Appellant was as Operational Creditor and it is not shown that Operational Creditor was entitled for any more amount as per Section 30(2)(e) under which the Operational Creditor is entitled for the amount equivalent to the amount which could have been paid to the Operational Creditor in event of liquidation as per waterfall mechanism under Section 53. In judgment of this Tribunal in in Department of State Tax, Through the Dy. Commissioner of State Tax vs. Zicom Saas Pvt. Ltd. & Anr. [2023 (2) TMI 1170 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI]”, the submission on the basis of “Rainbow Paper” was considered and repelled and it was held that The Appellant having been treated as Operational Creditor allocation of amount in the Resolution Plan cannot be said to be in violation of Section 30 (2)(b). There are no grounds have been made to interfere with the order approving the Resolution Plan - appeal dismissed.
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