No resolution plan could be approved which favoured selectively particular Creditors

Ravindra Kumar Goyal Vs Jatin Prakash Gupta (NCLT Ahmedabad) Conclusion: The Resolution Plan of the Successful Resolution Applicant  could not be approved as it had breached the waterfall mechanism of payments as given under Section 53 of IBC and selectively favoured certain creditors  without according any reason for the same and the Plan ineffectively dealt with the interests of all stakeholders of the Corporate Debtor and was non-compliant of Section 30(2)(e) and Section 30(2)(f) of IBC. Held: In the instant case, it was seen from the materials on record that there were four Operational C...