2023 (10) TMI 293

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....olvency) No. 1305 of 2023 - -<br>Insolvency & Bankruptcy<br>[Justice Ashok Bhushan] Chairperson , [Barun Mitra] Member (Technical) And [Arun Baroka] Member (Technical) For the Appellant Mr. Sudhir Makkar, Sr. Advocate with Ms. Anushka Sarkar, Ms. Veera Mathai, Advocates ORDER Heard Shri Sudhir Makkar, Learned Senior Counsel for the Appellant. 2. This Appeal has been filed against the o....

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...., hence, he filed an application before the Adjudicating Authority challenging the scheme on the ground that the Appellant was also a Financial Creditor whose consent was required for approval of the scheme. Adjudicating Authority has rejected the said application. Aggrieved by the said order, this Appeal has been filed. 4. Learned Senior Counsel for the Appellant submits that in the scheme, Ap....

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....quidator as well as the Adjudicating Authority. The rejection of the claim of the Appellant clearly lead to the conclusion that the claim cannot be accepted in the liquidation proceedings nor Appellant is entitled for any claim in the water fall mechanism. 7. Present is a case where a scheme was submitted in the liquidation proceeding in which scheme also the payment to the Appellant has been s....

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....after the reflection in the balance sheet that in the liquidation proceeding, the claim was filed by the Appellant and adjudicated rejecting the claim of the Appellant. The proceeding which undertook in the liquidation proceedings cannot be ignored nor can be washed out only on the ground that in the balance sheet of the Corporate Debtor the name of the Appellant was reflected. Proceeding in the a....