TMI Blog2023 (1) TMI 1296X X X X Extracts X X X X X X X X Extracts X X X X ..... le Supreme Court in State Tax Officer (1) vs. Rainbow Papers Ltd. [ 2022 (9) TMI 317 - SUPREME COURT ] was considering a claim which were invited on 05.10.2017 which was much prior to amendment in the Regulation, as has been noted in the judgment. In the facts of the present case, the plan approved has also been implemented and the amount received has been disbursed to the Financial Creditors and other claimants as per the Resolution Plan. The submission of learned counsel for the Appellant that the Appellant being a Secured Creditor as per the law laid down by the Hon ble Supreme Court in State Tax Officer (1) vs. Rainbow Papers Ltd. he ought to have been allocated amount as per Section 53 at par with the Secured Financial Creditors ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 20 inviting Expression of Interest and subsequently, in the CIRP four plans were received. (iv) In 14th meeting of the CoC dated 25.08.2021, Resolution Plan of M/s Sangeet Television Network Pvt. Ltd. was approved. However, it appears that the Bank Guarantee was not furnished within time, hence, the CoC set aside and cancelled the Resolution Plan. (v) The Resolution Professional issued fresh Form G on 11.10.2021 and thereafter the in 22nd CoC meeting dated 07.12.2021, the plan of MS Soya Industries in consortium with Mr. Sanjay Chpra was approved with 98.28% votes. The plan did not propose any payment to the Operational Creditors. (vi) After the approval of the Resolution Plan by the CoC, the Appellant has filed its claim on 01.06. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssions of learned counsel for the Appellant contends that Appellant having not filed any claim within the time, there was no error committed in distribution as per the list of creditors finalised and approved. It is submitted that even the claim was filed by the Appellant in Form B and not filed as Secured Creditor. It is further submitted that the judgment of the Hon ble Supreme Court in State Tax Officer (1) vs. Rainbow Papers Ltd. relied by the Appellant cannot benefit the Appellant since in the present case publication was issued on 08.12.2020 whereas the Hon ble Supreme Court was dealing with a claim which was received prior to notification amending the Regulation, 2016 dated 03.07.2018. It is submitted that the Resolution Applic ..... X X X X Extracts X X X X X X X X Extracts X X X X
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