NCLT directs Successful Resolution Applicant (CoC is solely formed by Unsecured Financial Creditor, who is also Successful Resolution Applicant) to consider matching the total Resolution Plan value at par with Liquidation Value – Hemi Gupta RP Rana Heavy Engineering Ltd. – NCLT Allahabad Bench
Hon’ble NCLT Allahabad Bench observes that CoC is solely formed by the Unsecured Financial Creditor, who is also the Successful Resolution Applicant.
Commercial wisdom of the Committee of Creditors in the matter of approval of resolution plan should be regarded. However, in the peculiar circumstances of the case where the financial creditor who is member of CoC itself is the SRA as well, we therefore, find it justifiable in passing such directions to the SRA to consider matching the total plan value at par with the liquidation value with corresponding pro-rata rise in the amount of disbursement.
