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Financial creditors are different from operational creditors under Bankruptcy Code: Apex Court

January 25, 2019[2019] 101 389 (SC)

IBC : Financial creditors are clearly different from operational creditors and resolution plan cannot be passed unless minimum payment is made to operational creditors and, therefore, it cannot be said that operational creditors are discriminated against or that article 14 of Constitution has been infracted either on ground of equals being treated unequally or on ground of manifest arbitrariness

IBC : Section 12A is not arbitrary and unconstitutional as NCLT and NCLAT have powers under section 60 to set aside decision of Committee of Creditors as regards withdrawal of petition under sections 7 and 9

IBC : Resolution professional is really a facilitator of resolution process, whose administrative functions are overseen by Committee of Creditors and by Adjudicating Authority

IBC : If a person is unable to repay a loan taken, in whole or in part, within period of one year and three months, it is ineligible to become a resolution applicant

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