There can be differential payment in payment of debts of Financial Creditors and Operational Creditors, however, there can be no difference in payment within a class of creditors – Akashganga Processors Pvt. Ltd Vs. Shri Ravindra Kumar Goyal & Ors. – NCLAT New Delhi
NCLAT modified the order of the AA by approving Resolution Plan in M/s. Polycoat India Pvt. Ltd., Corporate Debtor and held that there can be no dispute to the law as laid down by the Hon’ble Supreme Court in Committee of Creditors of Essar Steel India Ltd. Vs. Satish Kumar Gupta & Ors. [2019] ibclaw.in 07 SC where it was held that there can be differential payment in payment of debts of Financial Creditors and Operational Creditors, however, there can be no difference in inter se payment within a class of creditors.