Dissenting Financial Creditors get payment in full before any payment is made to assenting Financial Creditors – IDBI Bank Ltd. and Ors. Vs. Mr. Anjanee Kumar Lakhotia and Anr. – NCLT Kolkata Bench
January 1, 2025
It is well settled law that an approved Resolution plan is binding on all the stake holders and in this case, the Hon'ble Tribunal is of the view the resolution plan has been approved with payments in instalments only to the assenting financial creditors whereas the dissenting financial creditors will have to be paid in full before the assenting financial creditors are paid. We have also considered the explanation 1 of Section 30 (2) of IB Code which says that distribution in accordance with provisions of this clause shall be fair and equitable to such creditors (Operational creditors and dissenting financial creditors).