On 15 November 2019 a three-judge bench of the Supreme Court delivered the most consequential IBC judgment of the post-*Swiss Ribbons* era. The Bench held that the Committee of Creditors' commercial wisdom on the distribution of resolution-plan proceeds — including unequal treatment of financial and operational creditors — is paramount; that the National Company Law Appellate Tribunal had erred in directing equal pro-rata distribution; that the *Section 53* waterfall is a guide but the CoC retains discretion subject to the *Section 30(2)(b)* minimum-liquidation-value floor; that the 'mandatorily' in the amended *Section 12* 330-day proviso is to be read down as directory in exceptional cases; and that the resolution applicant takes the corporate debtor on a 'clean slate' — claims not in the plan stand extinguished.