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TMI Blog2023 (8) TMI 480X X X X Extracts X X X X X X X X Extracts X X X X ..... and Mr. Shivam Shukal, Advocates for R-3 (SRA). ORDER Heard learned counsel for the Appellant as well as learned counsel appearing for the Resolution Professional and Successful Resolution Applicant. This Appeal has been filed against order dated 20.03.2023 passed by the Adjudicating Authority approving Resolution Plan at second round. Appellant before us is the Promoter and Shareholder of the Corporate Debtor. In the earlier round of the CIRP, the plan was approved by the Adjudicating Authority vide its order dated 17.03.2021. Challenging the said order the present Appellant as well as one Operational Creditor have filed Appeals in this Tribunal being Company Appeal (AT) (Ins.) No. 741 of 2021 and 422 of 2021. Both the Appeals were heard ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o stakeholders and creditors resolution plan in the light of the liquidation value of Rs. 123.66 crores and puts it up to the CoC for consideration and necessary approvals. 46. We, therefore, set aside the impugned order and the resolution plan only to the extent it relates to allocation of payments to the stakeholders and creditors and direct that the revision of payments and subsequent approval of the revised resolution plan should be completed within a period of two months from the date of this judgment. 47. We may also add that the pending applications, namely CA Nos. 235/2018, 236/2018 and 237/2018 and any other application which pertains to recovery of amounts and which could not be properly considered and adjudicated upon, should ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cannot be said to be in line of the order passed by this Appellate Tribunal. 4. Learned counsel for the Resolution Professional refuting the submissions of learned counsel for the Appellant contends that the only limited scope which was left by the order dated 12.04.2022 was redistribution of the payments by taking liquidation value of Rs.123.66 Crores and following the said liquidation value, the plan value which was earlier Rs.53 Crores was enhanced to Rs.56 Crores. He further submits that the Rs.56 Crores was the payment which was envisaged under the plan whereas the total fund which is required to put by Successful Resolution Applicant runs to Rs.173 Crores. It is submitted that the Operational Creditor - ED&F Man, who has objected, h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed as well as payment to Financial Creditors. There is little decrease in payment to Operational Creditors, earlier Rs.1.69 Crores were allocated which is now at Rs.1.57 Crores (which has been actually paid). 8. It is now well settled that distribution to the creditors in accordance with provisions of Section 30(2) is in the discretion of the Committee of Creditors and with regard to distribution the scope of judicial review by the Adjudicating Authority and this Tribunal is very little. From the facts brought on the record it does appear that liquidation value of the Operational Creditors is nil. When payment of Rs.1.57 Crore has been proposed in the plan, we cannot say that there is violation of any provisions of law especially Section 3 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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