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TMI Blog2021 (12) TMI 1058X X X X Extracts X X X X X X X X Extracts X X X X ..... I DESHMUKH HON'BLE MEMBER (JUDICIAL) And SH. KAPAL KUMAR VOHRA HON'BLE MEMBER (TECHNICAL) For the Applicant : Adv. Rathina Maravarman For State Bank of India : Adv. Darshti Dave, Ativ Patel and Harshad Vyas For Jyoti Structures Limited: Adv. Salonee Kulkarni, Adv. Sagar Dhawan, Adv. Aishani Das For the Respondents : Adv. Rohan Agarwal for R3, Adv. Rajeev Pandey a/w Adv. Ruben Mascreen for Erstwhile RP, Adv. Malak Bhatt for R2. ORDER Per: Justice Pradeep Narhari Deshmukh, Hon'ble Member (Judicial) 1. Application IA 2025 has been filed by Union Bank of India (Dissenting Financial Creditor), IA 2028 has been filed by Bank of Maharashtra (Abstaining Financial Creditor) and IA 2035 has been filed by Central Bank of India (Dissenting Fina ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6.04.2018, Resolution Plan was approved with more than 81% of voting shares. c) Resolution Professional approached this Bench for approval of Resolution Plan and the same was rejected by this bench vide its order dated 31.07.2018 as CIRP had expired by the date of approval. Thereafter, Resolution Applicant preferred an Appeal (CA 461 of 2018) before NCLAT and the same was allowed on 19.03.2019 observed that: "In the Result, the case is remitted to the Adjudicating Authority, Mumbai Bench, Mumbai to approve the plan in terms of Section 31 of the Insolvency and Bankruptcy Code, 2016 with modification i.e. that the plan is to be implemented within the period of 12 years as offered by the 'Successful Resolution Applicant'." Subsequently t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... three Applications stating that: i. Applications have been filed 2.5 years after approval of Resolution Plan. ii. Applications are not maintainable, as AA has no jurisdiction to modify the approved Resolution Plan. iii. Distribution mechanism under the Resolution Plan is a commercial decision of CoC. iv. Dissenting FCs are paid the liquidation value as per the terms of the Resolution Plan and in accordance with the provisions of the Code. v. Applicants are being paid the liquidation value which is as per the terms of the approved Resolution Plan. vi. Bank Guarantee (BG) invocation and the revision in the amounts of Assenting FCs are as per the terms of the Resolution Plan. Clause F (3) of the Resolution Plan specifically mention ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent who submitted that the Applicants in all the above three Applications have prayed for higher share from the Resolution Applicant as part of the Resolution Plan than the share allocated in the Resolution Plan duly approved. She has drawn our attention to Section 30 (2)(b) of the Code and same was narrated at pg 19 of IA 2025 and submitted that she is entitled to get higher amount. 5. We have heard the learned Counsel for the Applicants and Respondent and have perused the pleadings and documents attached thereto. The Section 30(2)(b) of the Code reads: "30. Submission of resolution plan. - (1) xxxx (2) The resolution professional shall examine each resolution plan received by him to confirm that each resolution plan - (a) xxxx ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ot time barred under any provision of law for the time being in force; or (iii) where a legal proceeding has been initiated in any court against the decision of the Adjudicating Authority in respect of a resolution plan;] .........." 6. On perusal of the relevant provisions and after hearing the Respondent, we observed that Section 30(2)(b) of the Code provides for the payment of debts of the Dissenting FCs in such manner as may be specified by the Board, which shall not be less than the amount to be paid to such creditors in accordance with Section 53(1) of the Code in the event of liquidation. Explanation 1 to Section 30(2)(b) of the Code further clarifies that distribution in accordance with the provisions of this clause shall be fair ..... X X X X Extracts X X X X X X X X Extracts X X X X
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