9911796707
TMI Blog2023 (10) TMI 293X X X X Extracts X X X X X X X X Extracts X X X X ..... nsolvency & Bankruptcy X X X X Extracts X X X X X X X X Extracts X X X X ..... he Adjudicating Authority challenging the scheme on the ground that the Appellant was also a Financial Creditor whose consent was required for approval of the scheme. Adjudicating Authority has rejected the said application. Aggrieved by the said order, this Appeal has been filed. 4. Learned Senior Counsel for the Appellant submits that in the scheme, Appellant's amount was noticed. However, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. 7. Present is a case where a scheme was submitted in the liquidation proceeding in which scheme also the payment to the Appellant has been shown as a 'nil' and the scheme was approved by SI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the liquidation proceeding, the claim was filed by the Appellant and adjudicated rejecting the claim of the Appellant. The proceeding which undertook in the liquidation proceedings cannot be ignored nor can be washed out only on the ground that in the balance sheet of the Corporate Debtor the name of the Appellant was reflected. Proceeding in the adjudication which culminated in the rejection of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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