The case involves an appeal against an order dated 08.03.2019 passed by the Adjudicating Authority (National Company Law Tribunal, Ahmedabad Bench) in I.A. No.41 of 2019 in I.A. 259 of 2018 in CP(IB) No.48 of 2017. The appeal was filed by Gail India Ltd., an operational creditor of Alok Industries Ltd., challenging the approval of a resolution plan that allegedly discriminated against operational creditors with dues exceeding Rs. 3 lakhs.
Alok Industries Ltd. underwent Corporate Insolvency Resolution Process (CIRP) initiated by State Bank of India. Gail India Ltd., an operational creditor, had a claim of Rs. 506.60 crores, which was rejected by the Resolution Professional. The Resolution Plan approved by the Committee of Creditors (CoC) provided 100% payment to operational creditors with dues less than Rs. 3 lakhs, while offering 'Nil' to those with higher dues, including Gail India Ltd. Gail India Ltd. challenged this discriminatory treatment, arguing that it violated the principles of equality and fairness. The Resolution Plan was approved by the Adjudicating Authority. Gail India Ltd. had a 'Gas Sale Agreement' with Alok Industries, but the dues were related to 'take or pay obligation', not actual
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CP(IB) No.48…
Application filed by the State Bank of India as…
The case involves an appeal against an order dated 08.03.2019 passed by the Adjudicating Authority (National Company Law Tribunal, Ahmedabad Bench) in I.A. No.41 of 2019 in I.A. 259 of 2018 in CP(IB) No.48 of 2017. The appeal was filed by Gail India Ltd., an operational creditor of Alok Industries Ltd., challenging the approval of a resolution plan that allegedly discriminated against operational creditors with dues exceeding Rs. 3 lakhs.
Alok Industries Ltd. underwent Corporate Insolvency Resolution Process (CIRP) initiated by State Bank of India. Gail India Ltd., an operational creditor, had a claim of Rs. 506.60 crores, which was rejected by the Resolution Professional. The Resolution Plan approved by the Committee of Creditors (CoC) provided 100% payment to operational creditors with dues less than Rs. 3 lakhs, while offering 'Nil' to those with higher dues, including Gail India Ltd. Gail India Ltd. challenged this discriminatory treatment, arguing that it violated the principles of equality and fairness. The Resolution Plan was approved by the Adjudicating Authority. Gail India Ltd. had a 'Gas Sale Agreement' with Alok Industries, but the dues were related to 'take or pay obligation', not actual
…CP(IB) No.48…
Application filed by the State Bank of India as…