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Innova Home Buyers Neyveli Association vs P And G Construction Pvt Ltd on 13 December, 2022 cites

Committee Of Creditors Of Essar Steel ... vs Satish Kumar Gupta on 15 November, 2019

• In the appeal before this 'Appellate Tribunal', it has been brought and the 'Resolution Plan' was approved by the 'Committee of Creditors' including majority of the votes from 'Homebuyers' in favor of approval TA No. 50 of 2021 [Company Appeal (AT) (CH) (Ins.) No. 215 of 2020] 17 of 22 of the 'Resolution Plan'. The contention of the 'Appellant' with regards to equitable treatment with the financial creditor and not being treated at par with them does not seems to hold ground as the Hon'ble Supreme Court of India had established in case of Committee of Creditors of Essar Steel India Limited vs. Satish Kumar Gupta and Ors. Hence the challenge to the 'impugned order' on ground that percentage recovery available to members of the association is lower than 'Financial Creditor' is not palatable. Therefore, this 'Appellate Tribunal' do not find any error in the 'impugned order' on this ground.
Supreme Court of India Cites 61 - Cited by 238 - R F Nariman - Full Document

Maharashtra Seamless Limited vs Padmanabhan Venkatesh on 22 January, 2020

TA No. 50 of 2021 [Company Appeal (AT) (CH) (Ins.) No. 215 of 2020] 19 of 22 • As regard, the contention of the 'Appellant' with regards to the 'Resolution Plan' value being lower than 'Liquidation Value', no fault can be found in view of judgment of the apex court in the case of Maharashtra Seamless Ltd Vs Padmanabhan Venkatesh & Ors. (Supra) and therefore the 'Adjudicating Authority' rightly held that the resolution plan amount need not match the Liquidation value.
Supreme Court of India Cites 21 - Cited by 35 - A Bose - Full Document

K. Sashidhar vs Indian Overseas Bank on 5 February, 2019

• In K. Sashidhar v. Indian Overseas Bank and Ors. Reported in (2019) 4 SCC (Civ.) 222 the Hon'ble Supreme Court of India conclusively held that the legislature, while enacting the Code, has consciously ensured that no ground is available to question the 'commercial wisdom' of the individual financial creditors or the collective decision of the 'Committee of Creditors' before the Adjudicating Authority, in approving or rejecting a resolution plan and such commercial considerations are outside the scope of judicial review.
Supreme Court - Daily Orders Cites 66 - Cited by 188 - A M Khanwilkar - Full Document
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