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2020 (10) TMI 225 - Tri - Insolvency and BankruptcyIncrease in the number of settlement claim - Revision of Resolution Plan - revision and improvements in the settlement of claim amount to be offered to the Applicant and the 2nd charge holders as the offer of 0.5% on principal outstanding envisaged under the proposed Resolution Plan is very low - HELD THAT:- Admittedly the liquidation value payable to the Applicant is “NIL”. However, in the distribution mechanism as provided in the Resolution Plan, the Applicant is getting a sum of ₹ 1,81,676/- - Even though the Resolution Applicants have agreed to consider the improvement of payment for the second charge holders, the Resolution Applicants after consideration informed the CoC that any improvement has to be made by CoC only and they are not in a position to improve offer of payment to creditors of ₹ 11,03,24,869/-. So, the request of the second charge holders was not considered by the Resolution Applicants as well as the CoC while deciding the distribution pattern. The decision of the CoC in allocating 0.5% of the debt due to the second charge holders cannot be questioned and the same is not justiciable - application dismissed.
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