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2018 (6) TMI 350 - AT - Insolvency and BankruptcyCorporate insolvency process - Approval of resolution plan - Held that:- From bare perusal of Section 31, it is clear that if the ‘Resolution Plan’ approved by the ‘Committee of Creditors’ meets the requirement as referred to in sub-section (2) of Section 30, it can be approved by the Adjudicating Authority. As the impugned Scheme dated 20th October, 2016 has not been approved by the ‘Committee of Creditors’ in terms of sub-section (4) of Section 30 of the ‘I&B Code’, it cannot be treated to be approved ‘Resolution Plan’ under sub-section (1) of Section 31. If the ‘Resolution Plan’ does not conform to the requirements of sub-section (2) of Section 30, it is to be rejected. The Appellant- Pr. Director General of Income Tax (Admn. & TPS) has pointed out that the ‘Resolution Plan’ contravenes the provisions of the Income Tax Act. If the impugned approved Scheme dated 20th October, 2016, is treated to be an approved ‘Resolution Plan’ under sub-section (1) of Section 31 of the ‘I&B Code’, it being against the provisions of the existing laws and being in violative of sub-section (2) of sub-clause (e) of Section 30 of the ‘I&B Code’ is fit to be set aside. The allegations, as made above, that the Scheme is against the provisions of the existing law, have not been disputed by the Respondents. Though, we find that the impugned Scheme dated 20th October, 2016 is illegal but in absence of our jurisdiction to exercise of powers under Section 61 of the ‘I&B Code’, being barred by limitation, it will not be desirable to set aside the impugned illegal Scheme dated 20th October, 2016. But we hold the same illegal. In absence of any provision to get the Scheme executed through any Court of Competent jurisdiction, the relevant provision(s) having been repealed, the Appellant may raise the question, if the Respondents move before any court of Law for implementation the Scheme
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