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2019 (10) TMI 52 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHIApproval of Resolution plan - Section 31 of the Insolvency and Bankruptcy Code, 2016 - statutory dues - same treatment to the ‘Financial Creditors’ and the ‘Operational Creditors’ or not - HELD THAT:- As we find that the proposed modified distribution of the ‘Resolution Plan’ is in accordance with law and the same treatment has been given to the ‘Financial Creditors’ namely- ‘HUDCO’, ‘Asset Reconstruction Company (India) Ltd.’, ‘Syndicate Bank’, ‘Bank of Baroda’ and ‘Central Bank of India’ (9%) of their dues and the ‘Operational Creditors’ namely- ‘Commercial Taxes Department, Government of Chhattisgarh’, ‘Central Excise Duty, Government of Chhattisgarh’ and ‘Income Tax Department DCIT C Circle 3(1), Government of India’ (9%) of their dues to all the ‘Operational Creditors’, we accept the proposed modified portion of the ‘Resolution Plan’, as quoted above, and substitute the same in place of the original one. The Appellant is to make payment within one month from the date of the order of this Appellate Tribunal, as shown in the modified ‘Resolution Plan’. The orders passed by the Adjudicating Authority dated 8th & 11th February, 2019 is upheld with modifications.
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