https://www.taxtmi.com/caselaws?id=423105 Section 12 of the Insolvency and Bankruptcy Code, 2016 was treated as directory rather than an inflexible bar, so consideration of the resolution plan after the original 330-day period did not by itself invalidate approval. Pre-CIRP electricity dues not preserved in the approved plan stood extinguished on approval, and the IBC's overriding effect meant supply regulations requiring past dues could not defeat the plan. Section 30(2)(b) was satisfied because operational creditors received at least the liquidation benchmark; differential recovery between operational and financial creditors was permissible, and lower percentage payment to operational creditors did not by itself make the plan unfair or inequitable. en-us Mon, 23 May 2022 00:00:00 +0530 Wed, 08 Jun 2022 18:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423105 Section 12 of the Insolvency and Bankruptcy Code, 2016 was treated as directory rather than an inflexible bar, so consideration of the resolution plan after the original 330-day period did not by itself invalidate approval. Pre-CIRP electricity dues not preserved in the approved plan stood extinguished on approval, and the IBC's overriding effect meant supply regulations requiring past dues could not defeat the plan. Section 30(2)(b) was satisfied because operational creditors received at least the liquidation benchmark; differential recovery between operational and financial creditors was permissible, and lower percentage payment to operational creditors did not by itself make the plan unfair or inequitable. Case-Laws Insolvency and Bankruptcy Mon, 23 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423105