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2020 (2) TMI 385 - Tri - Insolvency and BankruptcyApproval of the resolution plan for the Corporate Debtor - extension of CIRP extended - Section 30(6) of IBC, 2016 - differential treatment inter se the secured financial creditors - HELD THAT:- In the resolution plan of Patanjali it is specifically stated that the resolution plan is "submitted after considering and evaluating several factors such as including the assets, liabilities, future cash flows of the business, tracking of developments taking place post CIRP Date etc. and not alone the amount of claims made by the creditors of a company under insolvency". Referring to the decision of this Tribunal directing repayment of the ₹ 65.98 crores, it is stated that the resolution plan was submitted after considering the said amount. Therefore, it follows that the resolution applicant has appropriated this ₹ 65.98 crore in its resolution plan in case it is reversed and repaid to the Corporate Debtor. Since the CoC has approved the resolution plan with a 96.95% majority; it can be safely presumed that CoC considered, evaluated and approved every clause of the resolution plan individually as well as the resolution plan as a whole in its entirety. Therefore, the appropriation of the said ₹ 68.98 crores by the resolution applicant is approved by the CoC and can be taken as the decision of the CoC upon the said amount as per our order dated 12.03.2019. The Resolution Professional has cited the judgment of Hon'ble Supreme Court in the case of Managing Director, ECIL, v. Karunakar [1993 (10) TMI 310 - SUPREME COURT], wherein the Five Judge Bench of the Hon'ble Supreme Court has held that while a court of law promulgates a new principle, its application is made prospective. The resolution plan approved with modifications, which shall be binding on the Corporate Debtor and its employees, members, creditors, guarantors, Resolution Applicant and other stakeholders involved in the resolution plan - List on 1.8.2019 for filing additional affidavit of Resolution applicant regarding acceptance of the modifications in the Resolution Plan and submitting the other informations.
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