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Financial creditors are placed at a higher priority than operational creditors
Case Law Details
- Case Name
- Pani Logistics Vs Vikash G Jain RP of Sona Alloys Pvt. Ltd. (NCLT Ahmedabad)
- Appeal Number
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- NCLT
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Pani Logistics Vs Vikash G Jain RP of Sona Alloys Pvt. Ltd. (NCLT Ahmedabad)
NCLT Ahmedabad held that conjoint reading of Section 30 & Section 53 of IBC shows that the Financial Creditors are placed at a higher priority than Operational Creditors. Hence, as the Financial Creditors have not been paid in full, the Operational Creditors cannot claim a higher amount.
Facts- The present application is filed by M/s. Pani Logistics against Mr. Vi kash G Jain, Resolution Professional and Committee of Creditors of M/s Sona Alloys Private Limited (under CIRP) and M/s MTC Business Private Limited, th...
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