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2024 (1) TMI 402 - AT - Insolvency and BankruptcyApproval of Resolution plan - payments to related parties - discrimination in Resolution Plan - HELD THAT:- Related parties cannot claim entitlement of any amount in the plan and cannot claim any discrimination with regard to payments to unrelated unsecured Financial Creditors. Respondent has rightly placed reliance on the judgment of the Hon’ble Supreme Court in “M.K. Rajagopalan vs. Dr. Periasamy Palani Gounder and Anr.- [2023 (5) TMI 344 - SUPREME COURT] ” where Hon’ble Supreme Court had occasion to consider the provisions of the IBC specially the payments to related parties and discrimination in the Resolution Plan. In relation to related party, it was held by the Hon’ble Supreme Court that there is no provision in the Code which mandates that related party should be paid in parity with unrelated party. It is also relevant to notice that submission which is advanced by the Appellant is with regard to discrimination in payments to the workers and employees. No workers and employees have any grievance nor any workers and employees is dissatisfied with the payments made under the plan to them nor have they come in Appeal. Plan has been approved with 82.40% vote shares of the CoC - view of the Adjudicating Authority also confirmed that there is no non-compliance of Section 30(2) of the IBC. Thus, no grounds have been made out to interfere with the impugned order which have been challenged in these Appeals - Both the Appeals are dismissed.
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