Both the distribution methods for Secured Creditors, one based on ‘value of security’ and the other based on ‘voting share’ are legal and not in violation of Section 30(2)(b) of IBC as along as the Committee of Creditors in its commercial wisdom approve one of the methods – Manav Investment & Trading Company Ltd. Vs. Sri Pratim Bayal, RP of Birla Tyres Ltd. – NCLT Kolkata Bench
