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2017 (11) TMI 1771 - Tri - Insolvency and BankruptcyResolution plan approval - order for revival of the company - funding arrangements with the prospective investor - Held that:- To keep the company a going concern, SML has formed SVP and entered into MoU and has made funding arrangements with the prospective investor. It is also written in the plan that the mining contractors, who will be paid as contracting charges, will be assisting the company in getting various approvals from the various authorities. The above plan submitted by one of the promoters of the corporate debtor shows that SML has made arrangement for funds and also entered into MoU with the mining contractors, who have also agreed in assisting the company in getting various approvals from the concerned authorities so that the company can remain a going concern. The plan approved by the COC provides for payment of insolvency resolution process cost in priority to other debts, repayment of operational creditors, compliance with applicable law and met such other conditions as laid down by the Insolvency and Bankruptcy Board of India and it has been approved by COC having more than 75 per cent of vote shares. Since COC has approved the resolution plan with more than 75 per cent of voting share and the approved plan by the COC conforms the conditions laid down under sub-section (2) of section 30 of Code, therefore, resolution plan deserves to be approved. The resolution plan, which is approved by the COC with a voting share of 78.53 per cent is being approved under provisions of section 31 of the Code, which will be binding on the corporate debtor, its employees, members, creditors, coordinators and other stakeholders involved in the resolution plan. The following orders are also passed in this context. (i) The above order for revival of the company in accordance with approved resolution plan shall come into force with immediate effect. (ii) The moratorium order passed under section 14 shall cease to have effect. (iii) The resolution professional shall forward all records 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. Sincere effort on the side of Resolution Professional, Shri Kuldeep Verma, who rendered his service as Insolvency Professional and submitted resolution plan in time which would necessarily give life to a dying company.
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