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Union Bank Of India Erstwhile ... vs Mr. Dinkar T. Venkatasubramanian on 18 December, 2024 cites

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

15. The Resolution Plan came to be approved by the CoC with vote share of 70.07%. As noted above, the appellant has voting share of 6.64% and Appellant voted against the Resolution Plan and thus, was a dissenting financial creditor. The Resolution Plan which is approved in commercial wisdom of the CoC binds all stakeholders including the dissenting financial creditor. The commercial wisdom of the CoC approving the Resolution Plan is binding on all, which is law laid down by the Hon'ble Supreme Court in "K. Sashidhar vs. Indian Overseas Bank & Ors.- (2019) 12 SCC 150" and the Hon'ble Supreme Court decision in "Committee of Creditors of Essar Steel India Limited vs. Satish Kumar Gupta and Ors.- (2020) 8 SCC 531". Section 30(4) of the IBC provides as follows:-
Supreme Court - Daily Orders Cites 66 - Cited by 188 - A M Khanwilkar - Full Document

Committee Of Creditors Of Essar Steel ... vs Satish Kumar Gupta & Ors on 3 January, 2019

[(4) The committee of creditors may approve a resolution plan by a vote of not less than [sixty-six] per cent. of voting share of the financial creditors, after considering its feasibility and viability, [the manner of distribution proposed, which may take into account the order of priority amongst creditors as laid down in sub-section (1) of section 53, including the priority and value of the security interest of a secured creditor] and such other requirements as may be specified by the Board:
National Company Law Appellate Tribunal Cites 1 - Cited by 164 - Full Document
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