The curious case of Synergies Dooray & its implications on insolvency code

Insolvency plan approved by committee of creditors involved paying Synergies Dooray financial creditors only Rs 50 cr

Is there a loophole in the Insolvency and Bankruptcy Code (IBC), 2016, that creates room for promoters to exercise control over the committee of creditors and ensure the passage of resolution plans to their benefit? 

The insolvency proceedings of Synergies Dooray are an illustrative example.

Synergies Dooray was placed under insolvency proceedings in January 2017. At the time, the company owed its financial creditors Rs 972.15 crore. But the insolvency plan that was approved by the committee of creditors involved paying its financial creditors only Rs 50 crore. 

If the plan had not been approved in the mandated time period,