https://www.taxtmi.com/caselaws?id=420812 A resolution plan under the Insolvency and Bankruptcy Code was upheld where liquidation value was insufficient even to satisfy secured financial creditors in full. Nil payment to operational creditors was treated as consistent with section 30(2)(b) read with section 53(1), because the liquidation hierarchy left no distributable amount for that class. The challenge based on discriminatory treatment also failed, as no operational creditor was given preferential payment over another. The decision reiterated that the commercial wisdom of the Committee of Creditors will not be interfered with once statutory approval requirements are met. en-us Thu, 07 Apr 2022 00:00:00 +0530 Mon, 11 Apr 2022 08:40:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=420812 A resolution plan under the Insolvency and Bankruptcy Code was upheld where liquidation value was insufficient even to satisfy secured financial creditors in full. Nil payment to operational creditors was treated as consistent with section 30(2)(b) read with section 53(1), because the liquidation hierarchy left no distributable amount for that class. The challenge based on discriminatory treatment also failed, as no operational creditor was given preferential payment over another. The decision reiterated that the commercial wisdom of the Committee of Creditors will not be interfered with once statutory approval requirements are met. Case-Laws Insolvency and Bankruptcy Thu, 07 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=420812