https://www.taxtmi.com/caselaws?id=311421 The article affirms that the IBC's resolution framework overrides inconsistent claims under the NHB Act and RBI Act, so fixed deposit holders cannot insist on payment outside the approved resolution process. It states that depositors are treated as financial creditors and may act through an authorised representative within CIRP, rather than as a separate class entitled to full repayment. It also notes that the moratorium and the Code's distribution scheme bar pre-resolution or preferential payments, and that the Committee of Creditors' commercial wisdom in approving the plan and distribution mechanism is not to be substituted by judicial intervention. The Administrator's going-concern actions remain confined to the IBC framework. en-us Mon, 07 Feb 2022 00:00:00 +0530 Mon, 25 Dec 2023 09:26:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311421 The article affirms that the IBC's resolution framework overrides inconsistent claims under the NHB Act and RBI Act, so fixed deposit holders cannot insist on payment outside the approved resolution process. It states that depositors are treated as financial creditors and may act through an authorised representative within CIRP, rather than as a separate class entitled to full repayment. It also notes that the moratorium and the Code's distribution scheme bar pre-resolution or preferential payments, and that the Committee of Creditors' commercial wisdom in approving the plan and distribution mechanism is not to be substituted by judicial intervention. The Administrator's going-concern actions remain confined to the IBC framework. Case-Laws Insolvency and Bankruptcy Mon, 07 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311421