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NCLAT modifies resolution plan submitted in case of Essar Steels

July 8, 2019[2019] 107 110 (NCL-AT)

IBC : Where huge discrimination had been made by 'Committee of Creditors' in distribution of proposed amount to 'operational creditors' qua 'financial creditors', i.e., majority of 'financial creditors' had been allowed 99.19 per cent of their claim amount, whereas it was 'NIL' in favour of 'operational creditors', resolution plan submitted by resolution applicant was not rejected but was modified to safeguard rights of operational creditors and other financial creditors

IBC : 'Financial creditors' cannot be discriminated on ground of 'Secured' or 'Unsecured financial creditors' for purpose of distribution of proposed amount amongst stakeholders in 'Resolution Plan' by 'Resolution Applicant'

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