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2020 (6) TMI 687 - NATIONAL COMPANY LAW TRIBUNAL, ALLAHABAD BENCHApproval of Resolution Plan - section 30 (2) of the IBC read with Regulation 38 of the CIRP Regulations - HELD THAT:- The approved resolution plan is for the amount of ₹ 123.1 crore, payable to the secured financial creditors in compliance with the code within 30 days on which the resolution plan is approved by this adjudicating Authority which will be the date on which the corrected order is passed and the CIRP cost will be made out of the cash and bank balance of the corporate Debtor in priority to payment of other debts and against the total verified amount of ₹ 123.1 crore, the approved plan provides for the payment of entire amount upfront towards settlement of claims of all secured financial creditors and nothing towards the payment of unsecured related party financial creditors against the verified amount of 7.57 crore The RP as required under regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 certified that the contents of the resolution plan meets with the requirements of the IBC and the regulations thereto and that the resolution plan has been approved by the CoC in the manner prescribed under the IBC - This bench directs the RP to act as the Monitoring Agency and thus appointed RP as "Monitoring Agency" to monitor and supervise the implementation of the Resolution plan and the remuneration of the monitoring agency shall be ₹ 1,50,000/- plus taxes and out of pocket expenses at actual. The Resolution Applicant is allowed to remove and/or substitute the Monitoring Agency with prior approval of this Adjudicating Authority if the Monitoring Agency is unable to satisfactorily perform its responsibilities or breaches terms of its appointment.
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