2021 (1) TMI 184

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.... 2020 - -<br>Insolvency & Bankruptcy<br>[Justice Bansi Lal Bhat] The Acting Chairperson, [Justice Anant Bijay Singh] Member (Judicial) And [Dr. Ashok Kumar Mishra] Member (Technical) For Appellant: Ms. Ankita Singhania, Mr. Gautam Swarup, Ms. Gunjan Jindal, Mr. Kartikeya Jaiswal and Mr. RajatSinghal, Advocates. For Respondents: Mr. Anoop Rawat, Mr. Vaijayant Paliwal, Mr. Saurav Panda, Ms. Charu Bansal, PrabhSimran Kaur, Ms. Ankita Mandal, Advocates for Respondent Nos. 1 and 2. ORDER Appellants are the 'Operational Creditors' of the Corporate Debtor - Reliance Infratel Limited. They are aggrieved of the impugned order dated 3rd December, 2020 passed by the Adjudicating Authority (National Company Law Tribunal, Court-I, Mumbai Bench) by v....

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....earned Counsel representing the Appellants, Mr. Anoop Rawat, learned Counsel representing Respondent Nos.1 and 2 and perused the record of Appeal paper-book. 4. Mr. Anoop Rawat, learned Counsel representing Respondent Nos.1 and 2 submits that the Appellants have been treated fairly and allocated 19.62% as against 10.32% allocated to Financial Creditors out of an upfront payment of Rs. 3,720 crores under the approved Resolution Plan. It is further pointed out that the Appellants have participated in the Resolution Process and their being unaware of the CIRP and its outcome is factually incorrect. 5. After hearing learned Counsel for the parties and going through the impugned order we find that the Appellants, admittedly being Operational C....

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.... 25,36,38,128/- 19.62% [Refer Note 2] Other Creditors 904,45,24,882/- 43,87,534/- 100% [Refer Note3] Financial Creditors 41055,38,58,711/- 4235,77,87,067/-[Refer Note 4] ~10.32%[Refer Note 4] 6. This factual position being undisputed, it should not lie in the mouth of the Appellants that they have been discriminated against and treated unfairly. The approved Resolution Plan ensures restructuring and revival of the Corporate Debtor. The Appellants are also not justified in claiming that they have been excluded from the Resolution Process proceedings. Admittedly they have filed claims during CIRP proceedings and their claims have been partly admitted. In the face of this factual position, it is of no avail on their part to allege be....

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....on plan before it can pass muster. On the contrary, paragraph 77 itself makes it clear that there is a difference in payment of the debts of financial and operational creditors, operational creditors having to receive a minimum payment, being not less than liquidation value, which does not apply to financial creditors. The amended Regulation 38 set out in paragraph 77 again does not lead to the conclusion that financial and operational creditors, or secured and unsecured creditors, must be paid the same amounts, percentage wise, under the resolution plan before it can pass muster. Fair and equitable dealing of operational creditors&#39; rights under the said Regulation involves the resolution plan stating as to how it has dealt with the int....