https://www.taxtmi.com/caselaws?id=759011 NCLAT dismissed the appeal challenging resolution plan approval under IBC Sections 30(6) and 31. The operational creditor appellant was denied payment under the resolution plan. NCLAT held that statutory protection under Section 30(2)(b) only ensures operational creditors receive minimum amounts as specified, but when liquidation value is nil, operational creditors receive no payment. Following precedent in Rajat Metaal Polychem case, NCLAT ruled that courts cannot deviate from current legislative scheme despite operational creditors being denied payment when liquidation amount is zero, stating legislative amendment is required to address this issue. en-us Thu, 19 Sep 2024 00:00:00 +0530 Sat, 21 Sep 2024 13:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759011 NCLAT dismissed the appeal challenging resolution plan approval under IBC Sections 30(6) and 31. The operational creditor appellant was denied payment under the resolution plan. NCLAT held that statutory protection under Section 30(2)(b) only ensures operational creditors receive minimum amounts as specified, but when liquidation value is nil, operational creditors receive no payment. Following precedent in Rajat Metaal Polychem case, NCLAT ruled that courts cannot deviate from current legislative scheme despite operational creditors being denied payment when liquidation amount is zero, stating legislative amendment is required to address this issue. Case-Laws IBC Thu, 19 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759011