Resolution Plan has an important place in IBCode : It has different category compared to Liquidation value of asset : whether the resolution plan can be lower then the liquidation value of asset ?: this has been discussed by apex court in the case of K Shashidhar vs Indian overseas Bank and held that there is no prohibition to approve the resolution plan which is lower then the liquidation value of asset : Financial creditors and operational creditors are being given equitable treatment : Apex court held in the case of Swiss Ribbons about equitable treatment : This has been rectified by amendment in law on 16/8/2019 in sec 30 of IBC which directs that lenders operational creditor should not be given the amount less then the liquidation value of asset :whether they are dissented to the resolution plan : The another judgement of apex court Maharastra seamless Ltd vs Padmanabhan Venkatesh decided on dt 22/1/20 it was held that there is no requirement in code about similarity of amount of resolution plan with Liquidation value of asset : similarly it was held by apex court in the case of Essar steels India Ltd vs Satish Kumar Gupta that there is limited power of judicial review available to adjudicating authority in connection of resolution plan approved by COC ; So far as resolution plan approved by adjudicating authority is concerned it is mandate under sec 31 of IB code that it should be approved in terms of sec 30 (2) :& 30(4) .
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