RAHUL JAIN vs RAVE SCANS PVT. LTD.

The Supreme Court addressed the appeal against the NCLAT's modification of a resolution plan under the Insolvency and Bankruptcy Code, 2016 (IBC). The Court held that the NCLAT's finding of discrimination against the financial creditor, Hero Fincorp Ltd., was justified, as it resulted in unequal treatment of creditors contrary to the principles established in Regulation 38 of the IBC. The Court upheld the NCLAT's directive to increase the liquidation value offered to Hero, reinforcing the need for equitable treatment of all creditors in resolution plans.