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2020 (9) TMI 437 - NATIONAL COMPANY LAW TRIBUNAL, CHANDIGARH BENCHApproval of Resolution Plan - CIRP process - dissenting financial creditors - Section 30(2)(b) of the Code read with Regulation 38(1)(b) of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 - HELD THAT:- Resolution Professional as well as the Resolution Applicant with regard to treating of the applicant-SIDBI as a dissenting creditor and providing specific amount as required under Section 30(2)(b) of the Code and also since the applicant has not disputed the fact of willingness of the Resolution Applicant for payment of the differential amount, no further orders are required to be passed in the instant IA, with regard to the first ground. Payment to the dissenting financial creditors in priority over the assenting financial creditors in terms of Section 30(2)(b) read with Regulation 38(1)(b) of the 2016 Regulations - HELD THAT:- This is an issue to be considered by this Adjudicating Authority while deciding CA No.389/2019 filed under Section 30(6) and Section 31(1) of the Code, seeking approval of the Resolution Plan, since the same falls under Section 31 (1) i.e. “if the adjudicating authority is satisfied that the resolution plan as approved by the committee of creditors under sub-section (4) of Section 30 meets the requirement as referred to in sub-section (2) of Section 30”. No financial creditor either assenting or dissenting can challenge a Resolution Plan, as approved by the CoC, even before the Adjudicating Authority approve the said Plan on the ground that the Plan does not meet the requirements of Section 30 (2) of the Code. Hence, there is no need to examine the rival submissions on this issue at this stage. Application dismissed.
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