Whether the Appellant being dissenting secured Creditor is competent to challenge approval of Resolution Plan by filing the Appeal? – IDBI Bank Vs. Ms. Mamta Binani RP, Deccan Chronicle Holdings Ltd. – NCLAT New Delhi

NCLAT held that in view of the principle laid down in the two judgments, Indian Resurgence ARC Private Limited v. M/s Amit Metaliks Limited & Anr. and Jaypee Kensington Boulevard Apartments Welfare Association and Others v. NBCC (India) Limited and others, when the Appellant is dissenting Creditor, Appellant is not competent to challenge the approved Resolution Plan and file an Appeal under Section 61 of IBC before this Tribunal. Applying the principle laid down in the above judgments, we hold that the Appellant being a dissenting secured Financial Creditor is not entitled to challenge Resolution Plan on the ground of discrimination by filing separate Interlocutory Application without challenging the approved Resolution Plan. Accordingly, the point is held against the Appellant and in favour of the Respondent.

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