Creditors Belonging to Different Classes Can Be Given Different Treatment: NCLAT

The National Company Law Appellate Tribunal has reconfirmed the principle that the touchstone for judging a resolution plan does not rely on how it handles different-placed creditors. In response to the judgment recently passed by the Supreme Court in the case entitled 'Committee of Essar Steel v. Satish Kumar Gupta' passed on 15 November 2019, the NCLAT, in the appeal entitled 'Pacific World Shipping Pvt. Ltd. v. Dadi Impex Pvt. Ltd.', Carrying Company Appeal Bearing No. 728 of 2019, held that when a resolution plan successfully met the benchmark specified in Section 30(2) of the Insolvency and Bankruptcy Code (Amendment Act), 2019

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