TMI Blog2023 (10) TMI 293X X X X Extracts X X X X X X X X Extracts X X X X ..... a Financial Creditor. HELD THAT:- The claims of all creditors are to be considered in the liquidation proceedings and examined by the Liquidator and in event of any dispute, matter is required to be adjudicated by the Adjudicating Authority. There is no dispute to the fact that the claim was filed by the Appellant as Financial Creditor which stood rejected by the Liquidator as well as the Adjudicating Authority. The rejection of the claim of the Appellant clearly lead to the conclusion that the claim cannot be accepted in the liquidation proceedings nor Appellant is entitled for any claim in the water fall mechanism. Present is a case where a scheme was submitted in the liquidation proceeding in which scheme also the payment to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3 filed by the Appellant has been rejected. 3. Learned Senior Counsel for the Appellant submits that the Appellant s name was included in the balance sheet of the Corporate Debtor. However, after publication was made by the Liquidator and claim was filed by the Appellant which stood rejected, an Appeal under Section 42 of the IBC also was subsequently rejected on the ground of limitation. Under the order of this Tribunal, a scheme was submitted under Regulation 2B of the IBBI (Liquidation Process) Regulations, 2016 which scheme was approved by SIDBI the 100% Financial Creditor and in the scheme, no payment was proposed to the Appellant, hence, he filed an application before the Adjudicating Authority challenging the scheme on the ground ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as a nil and the scheme was approved by SIDBI who according to the Liquidator was a 100% Financial Creditor. When the Appellant s claim was rejected, he cannot claim that he is a Financial Creditor whose consent was required for approval of the scheme. The Application filed by the Appellant for the purpose that a scheme be rejected since consent of the Appellant was not obtained. He also prays for modification of the scheme. The Adjudicating Authority has rejected the application relying on the fact that the claim of the Appellant was rejected by the liquidator and when the scheme was brought it had approval of 100% Financial Creditor i.e. SIDBI. Much emphasis has been made by the Counsel for the Appellant on the fact that Appellant s cl ..... X X X X Extracts X X X X X X X X Extracts X X X X
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