The appeal was filed against the order dated 25.03.2021 passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, which approved the Resolution Plan approved by the Committee of Creditors (CoC). The appellant, an Operational Creditor, was allocated only 12% of its dues in the Resolution Plan.
Jaybee Lamination Pvt. Ltd., an Operational Creditor, filed an appeal against the order dated 25.03.2021 passed by the Adjudicating Authority (NCLT), Mumbai Bench, which approved a Resolution Plan. Jaybee Lamination Pvt. Ltd. was allocated only 12% of its dues under the Resolution Plan. The Resolution Applicant had obtained a letter dated 26.11.2020 for Rs.28 Crores to be sanctioned as loan. Financial Creditors were provided with payment of 55% of their dues, while Workmen and Employees were provided with 100% of their dues. The appellant argued for equal treatment with Financial Creditors, but the court considered the precedent set by the Supreme Court in 'Committee of Creditors of Essar Steel India Limited vs. Satish Kumar Gupta & Ors.'
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The court heard the…
The Adjudicating Authority (NCLT), Mumbai Bench,…
The appeal was filed against the order dated 25.03.2021 passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, which approved the Resolution Plan approved by the Committee of Creditors (CoC). The appellant, an Operational Creditor, was allocated only 12% of its dues in the Resolution Plan.
Jaybee Lamination Pvt. Ltd., an Operational Creditor, filed an appeal against the order dated 25.03.2021 passed by the Adjudicating Authority (NCLT), Mumbai Bench, which approved a Resolution Plan. Jaybee Lamination Pvt. Ltd. was allocated only 12% of its dues under the Resolution Plan. The Resolution Applicant had obtained a letter dated 26.11.2020 for Rs.28 Crores to be sanctioned as loan. Financial Creditors were provided with payment of 55% of their dues, while Workmen and Employees were provided with 100% of their dues. The appellant argued for equal treatment with Financial Creditors, but the court considered the precedent set by the Supreme Court in 'Committee of Creditors of Essar Steel India Limited vs. Satish Kumar Gupta & Ors.'
The court heard the…
The Adjudicating Authority (NCLT), Mumbai Bench,…