Case Law Details
Excel Engineering Vs Vivek Murlidhar Dabhade (NCLAT Delhi)
NCLAT Delhi held that there is no embargo for the classification of the ‘Operational Creditors’ into separate/different classes for deciding the way in which the money is to be distributed to them by the CoCs.
Facts-
Appellants, herein, are the ‘Operational Creditors’ of the ‘Corporate Debtor’ are seeking intervention in the Application preferred by the resolution professional seeking approval of the resolution plan.
It is contended that total amount of the ‘Operational Debt’ from ‘Operational Creditors’ other than Employees, Workmen and Farmers is Rs.63,45,09,539/- as against the total debt of Rs.193,58,53,515/-, which is 32.78% of the total debt. It was argued that the approved Resolution Plan was discriminatory as it paid 100% to Farmers as against mere 1% of the total admitted Claim of the Appellants, which is discriminatory.
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