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2019 (4) TMI 251 - NATIONAL COMPANY LAW TRIBUNAL, MUMBAI BENCHCorporate insolvency procedure - Resolution Plan approval by the Committee of Creditors of the Debtor Company - Resolution Applicant is seeking waiver in respect of number of liabilities - HELD THAT:- Resolution Applicant is seeking waiver in respect of number of liabilities, however, the same should be restricted to those government liabilities which are ascertained and crystallised as on the date when the CIRP commenced. On commencement of CIRP due to pronouncement of moratorium if any tax is levied, the same requires waiver. The approval of the CoC of a Resolution Plan is to be accepted in toto by the Adjudicating Authority if a 75% voting share approves the said Plan. Because of the latest decision the scope of any suggestion or alteration in the impugned Resolution Plan is very limited. As far as the procedure is concerned, in this case the same has been followed as per the provisions of the Insolvency Code, therefore, the Resolution Plan has to be approved. On the approval of the Resolution Plan, this Bench directs that moratorium order passed by this Tribunal under Section 14 of the Code shall cease to effect and that the Resolution Professional shall forward all the record relating to the conduct of the corporate insolvency resolution process and the Resolution Plan to the Insolvency and Bankruptcy Board of India to be recorded on its database. Copy of this order be communicated to the Resolution Professional, Resolution Applicant, Financial Creditors and the counsel representing the guarantors of the suspended Board of Directors.
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