https://www.taxtmi.com/caselaws?id=765531 NCLAT Principal Bench dismissed appeal challenging CoC's approval of resolution plan based on security interest rather than vote share distribution. The tribunal held that amended Section 30(4) empowers CoC to decide distribution mechanism considering security interest priority as per commercial wisdom. CoC approved plan with 95.35% votes while appellant with 3.94% vote share objected to distribution mechanism. Since dissenting creditor received amount exceeding liquidation value as required under Section 30(2)(b), the resolution plan satisfied statutory requirements. NCLAT confirmed CoC's discretionary power to approve distribution based on security interest is legally valid and binding on all creditors including dissenters. en-us Thu, 30 Jan 2025 00:00:00 +0530 Mon, 03 Feb 2025 08:13:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765531 NCLAT Principal Bench dismissed appeal challenging CoC's approval of resolution plan based on security interest rather than vote share distribution. The tribunal held that amended Section 30(4) empowers CoC to decide distribution mechanism considering security interest priority as per commercial wisdom. CoC approved plan with 95.35% votes while appellant with 3.94% vote share objected to distribution mechanism. Since dissenting creditor received amount exceeding liquidation value as required under Section 30(2)(b), the resolution plan satisfied statutory requirements. NCLAT confirmed CoC's discretionary power to approve distribution based on security interest is legally valid and binding on all creditors including dissenters. Case-Laws IBC Thu, 30 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765531