Approval of resolution plan proposing NIL amount to operational creditor upheld: NCLAT

Sai Balaji Facility Vs CA Ramchandra Dallaram Choudhary (NCLAT New Delhi) NCLAT New Delhi held that proposing NIL amount doesn’t result into non-compliance of section 30(2)(b) of IBC. Hence, approval of resolution plan proposing NIL amount to Operational Creditor justified. Facts- CIRP against the Corporate Debtor commenced on 23.06.2023. In pursuance of publication issued by the IRP, Appellant submitted its claim on 19.10.2023 in Form B for dues amounting to Rs.16,77,047/-. Appellant’s claim was duly admitted by the Resolution Professional. In the CIRP, the Resolution Plan was submitted w...