The matter was consequently placed before Sharma as the third member.
Sharma approved the plan but rejected Bhardwaj’s approach towards dissenting creditors. He held that Section 115 did not permit an approved repayment plan to be applied selectively. According to him, the plan had to bind all creditors, irrespective of whether they had voted for or against it.
He also excluded claims filed through Anil Kumar on behalf of 960 individuals and Sunil Jain on behalf of 300 individuals. He ordered that the corresponding repayment amount be redistributed among the remaining eligible creditors.
According to the latest order by the original bench, these differences materially altered the plan’s operation.