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2019 (4) TMI 734 - AT - Insolvency and BankruptcyDiscrimination between two similarly situated ‘Financial Creditors’ - Resolution Plan - Held that:- The question relating to discrimination between two similarly situated ‘Financial Creditors’ fell for consideration before this Appellate Tribunal in “Binani Industries Limited Vs. Bank of Baroda & Anr. [2018 (11) TMI 803 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI], where it was held that From the two ‘Resolution Plans’, it will be clear that the ‘Rajputana Properties Private Limited’ in its ‘Resolution Plan’ has discriminated some of the ‘Financial Creditors’ who are equally situated and not balanced the other stakeholders, such as ‘Operational Creditors’. Therefore, the Adjudicating Authority has rightly held the ‘Resolution Plan’ submitted by ‘Rajputana Properties Private Limited’ to be discriminatory. In the present case, the Appellant-‘Srei Equipment Finance Limited’ (‘Financial Creditor’), ‘M/s. Pegasus’- (‘Financial Creditor’) and some other ‘Financial Creditors’ were discriminated qua similarly situated ‘Financial Creditors’ in the ‘Resolution Plan’ originally submitted by Mr. Mahesh Kr. Agarwal and now the ‘Successful Resolution Applicant’ with a view to remove the discrimination has proposed ‘Revised Resolution Plan’. For the said reason, we accept the ‘Revised Resolution Plan’ submitted by Mr. Mahesh Kr. Agarwal ‘Successful Resolution Applicant’ which should be treated to be part of the original ‘Resolution Plan’ as approved by the Adjudicating Authority. The stand taken by the 3rd Respondent- ‘Edelweiss Asset Reconstruction Company Limited’ that they have moved against the order of adjournment before the Hon’ble Supreme Court. In absence of any order of stay and as the ‘Corporate Insolvency Resolution Process’ has completed more than 270 days, we decided to dispose of the appeal, to give effect to the approved ‘Resolution Plan’, not challenged by ‘Edelweiss Asset Reconstruction Company Limited’ Thus, the period of pendency of this appeal before this Appellate Tribunal i.e. from 22nd November, 2017 till today for calculating the period of 270 days - appeal disposed off.
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