2023 (10) TMI 293

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....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 order dated 30.08.2023 passed by the Ad....

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....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, Appellant's amount was noticed. However, the....

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..... 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 shown as a 'nil' and the scheme was approved by S....