TaxTMI 
TaxTMI 
2024 (9) TMI 1255
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....hok Bhushan, J. This Appeal by an Operational Creditor has been filed challenging the order dated 02.05.2024 passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, Court-III, in I.A No. 5826 of 2023. By the impugned order, the Adjudicating Authority has allowed the aforesaid IA filed by the Resolution Professional under Section 30(6) and Section 31 of the IBC seeking approval of the Resolution Plan. 2. Brief facts of the case necessary to be noticed for deciding the Appeal are:- 2.1. CIRP against the Corporate Debtor commenced on 23.06.2023. In pursuance of publication issued by the IRP, Appellant submitted its claim on 19.10.2023 in Form B for dues amounting to Rs.16,77,047/-. Appellant's claim was dul....
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....ive of Section 30(2) of the IBC. 6. We have considered the submissions of the Counsel for the parties and perused the record. 7. There is no dispute that Appellant claim as operational creditor for an amount of Rs.16,77,047/- was admitted. Apart from Appellant there were other operational creditors. Total claim of operational creditor which was admitted in the CIRP was Rs.9,54,85,539/- and the plan proposes 'nil' payment to all the operational creditors, even the payment towards government dues was also proposed as nil. As per Section 30(2) of the IBC, operational creditor is entitled an amount not less than the amount to be paid to such creditors in the event of a liquidation of the corporate debtor under Section 53. Section 30 (2) (....
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....ion process of a corporate debtor-- (i) where a resolution plan has not been approved or rejected by the Adjudicating Authority; (ii) where an appeal has been preferred under section 61 or section 62 or such an appeal is not time barred under any provision of law for the time being in force; or (iii) where a legal proceeding has been initiated in any court against the decision of the Adjudicating Authority in respect of a resolution plan;]" 8. The statutory protection granted to the operational creditor in Section 30(2)(b) is that they shall not be paid any amount less than as mentioned in (i) and (ii). Appellant case in the Appeal is not that the Appellant was entitled for any payment as per Section 3....
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....resent case, the Operational Creditors have been given only miniscule of their admitted claim to the extent of only 0.19%. As the law stand today, no exception can be taken to such Plans, which provide payment to Operational Creditor in accordance with Section 30(2)(b) of the Code. However, the time has come when it should be examined by the Government and the Board to find out as to whether there are any grounds for considering change in the legislative scheme towards the payment to the Operational Creditors, which also consist of Government dues and other statutory dues. We make it clear that our observation is only to facilitate the Government and other competent Authority to consider this issue and take decision, so as to the objective ....