TMI Blog2021 (6) TMI 1012X X X X Extracts X X X X X X X X Extracts X X X X ..... cussed in detail in the Resolution Plan approved - With regard to the claims of more than 70,000 Fixed Deposit Holders (including individuals), Lakhs of Employees of Uttar Pradesh State Power Sector Employees Trust, Board of Trustees of Uttar Pradesh Power Corporation Contributory Provident Fund Trust, investment by Capgemini Business Services India Ltd., Employees Provident Fund Trust, other claimants falling in the similar category, and we are of the considered view that considering the number of small investors running into lakhs, senior citizens, who had deposited their hard earned savings, have to meet various expenses especially in this Covid-19 Pandemic situation, loss of jobs to number of depositors, to meet marriage, education expe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the same so that lakhs of small investors would be benefited - Further while directing and observing so, we find support from the decision of NCLT Ahmedabad Bench in the matter of Standard Chartered Bank and State Bank of India V/s Essar Steel Limited [ 2019 (3) TMI 1706 - NATIONAL COMPANY LAW TRIBUNAL, AHMEDABAD] which has been confirmed by the Hon'ble Supreme Court of India wherein the Adjudicating Authority has directed to the CoC to consider the distribution mechanism for giving more apportionment Amount to the Operational Creditors and unsecured Financial creditors. The CoC is requested to reconsider their distribution method, distribution amongst various Members of CoC within two weeks and report the same to this Adjudicating ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and non-est in law; v. To order and declare that any recoveries contribution made it over the benefit of any order passed in the avoidance application filed by the respondent under section 43 to 51 or under section 66 of the code or any one or more of these provisions including appeal proceedings arising therefrom shall be for the sole benefit of the creditors of DHFL, including the Fixed Deposit Holders. vi. Restrain the Respondent and its Committee of Creditors from granting any loan or other credit facility by whatever name called or make any investment or create any other asset as long as the default in repaying the matured deposit holders continues; vii. Direct the Respondent and its Committee of Creditors to repay matur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Sector Employees Trust, Board of Trustees of Uttar Pradesh Power Corporation Contributory Provident Fund Trust, investment by Capgemini Business Services India Ltd., Employees Provident Fund Trust, other claimants falling in the similar category, and we are of the considered view that considering the number of small investors running into lakhs, senior citizens, who had deposited their hard earned savings, have to meet various expenses especially in this Covid-19 Pandemic situation, loss of jobs to number of depositors, to meet marriage, education expenses, other essential needs the employees of the PF Trust which is the money they would get at the time of/after superannuation. Therefore, we are of the considered view that they should get ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nly an inter se distribution of resolution money amongst various creditors. Therefore, with regard to the manner of distribution, the method of distribution amongst various creditors viz Public Depositors, Fixed Deposit Holders, NCD Holders, Small Investors, Employees Provident Fund Trust etc we request, suggest the CoC to reconsider the same so that lakhs of small investors would be benefited. Further while directing and observing so, we find support from the decision of NCLT Ahmedabad Bench in the matter of Standard Chartered Bank and State Bank of India V/s Essar Steel Limited which has been confirmed by the Hon'ble Supreme Court of India wherein the Adjudicating Authority has directed to the CoC to consider the distribution mechanis ..... X X X X Extracts X X X X X X X X Extracts X X X X
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