Case Note & Summary
The appeal was filed by the Suspended Director of the Corporate Debtor against the order approving the Resolution Plan dated 12.12.2025. The Appellant contended that IDBI, a Financial Creditor, did not vote in favor of the plan and was a dissenting Financial Creditor, arguing that the plan did not comply with the payment provisions under Section 30(2)(b) and Regulation 38(1)(b). The Resolution Professional countered that payments to all Financial Creditors, including dissenting ones, were made in accordance with the law and that no dissatisfaction was communicated by IDBI. The Tribunal noted that the dissenting Financial Creditor had been paid as per the resolution plan and had not filed an appeal or communicated any grievances regarding the payment. Consequently, the Tribunal found no grounds to interfere with the approval of the plan and dismissed the appeal.
Headnote
A) Insolvency Law - Approval of Resolution Plan - Compliance with Payment to Dissenting Financial Creditor - Insolvency and Bankruptcy Code, 2016, Section 30(2)(b), Regulation 38(1)(b) - The Appellant challenged the approval of the Resolution Plan on grounds of non-payment to a dissenting Financial Creditor, IDBI. The Tribunal held that since the dissenting Financial Creditor was paid as per the plan and had not raised any grievances, the approval was valid and the appeal was dismissed (Paras 2-6).
Issue of Consideration
Whether the approval of the Resolution Plan was lawful in light of dissenting Financial Creditor's non-payment.
Final Decision
The Tribunal dismissed the appeal, affirming the approval of the Resolution Plan as the dissenting Financial Creditor had been paid and raised no grievances.
Law Points
- Resolution Plan Approval
- Dissenting Financial Creditor
- Corporate Debtor
- Payment Compliance
