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2020 (4) TMI 152 - Tri - Insolvency and BankruptcyValidity of Resolution Plan - section 60(5)(c) of the of the Insolvency & Bankruptcy Code, 2016 - HELD THAT:- It appears that these suspended directors will not get anything out of those Resolution Plans or some other plans, because the debt exposure admitted against this company is around ₹ 64 crore, as to liquidation value of the company, it is only ₹ 21 crore including the property in dispute with regard to High Tension Line passing through the property held by the Corporate Debtor. These suspended directors/allegations are in respect to assumed grievances of the persons, whoever fails to show that worth of each of these companies is more than ₹ 10 crore. The homebuyers, whose suffering he is talking of, they are not present before this Bench, their names are also not known to these suspended directors. As to Performance Guarantee, it will be dealt with at the time of dealing with the Resolution Plan coming before this Bench for approval. Application dismissed.
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