https://www.taxtmi.com/caselaws?id=444898 NCLAT Principal Bench ruled on distribution methodology for Rs. 351 crores deposited by SRA under CIRP. Court held that CoC approved distribution based on security structure of financial creditors with 74.41% voting. From Rs. 4.01 crores deducted as CoC expenses and future litigation fund, only actual CoC expenses could be deducted, not future litigation fund. Respondents directed to pay appellant Rs. 248.02 crores principal plus Rs. 14.94 crores accrued interest within one week. Ex-RP to recalculate CoC expenses and distribute future litigation fund amount to financial creditors per security interest. Appeal disposed. en-us Fri, 20 Oct 2023 00:00:00 +0530 Thu, 26 Oct 2023 15:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=444898 NCLAT Principal Bench ruled on distribution methodology for Rs. 351 crores deposited by SRA under CIRP. Court held that CoC approved distribution based on security structure of financial creditors with 74.41% voting. From Rs. 4.01 crores deducted as CoC expenses and future litigation fund, only actual CoC expenses could be deducted, not future litigation fund. Respondents directed to pay appellant Rs. 248.02 crores principal plus Rs. 14.94 crores accrued interest within one week. Ex-RP to recalculate CoC expenses and distribute future litigation fund amount to financial creditors per security interest. Appeal disposed. Case-Laws Insolvency and Bankruptcy Fri, 20 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=444898