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2018 (6) TMI 1617 - Tri - Insolvency and BankruptcyApproval of the resolution plan - CIRP - Whether the resolution applicant, the only “resolution applicant” is not debarred or disqualified by the amended provisions of section 29A of the Insolvency and Bankruptcy, Code, 2016 ('I & B Code/'Code') - merits or demerits of the resolution plan to record the “satisfaction” prescribed under the statute - HELD THAT:- Final conclusion drawn is that although it is informed that there was no claim received from Sales Tax Department but a duty is hereby casted on the resolution applicant and the management of the corporate debtor to get the Sales Tax dues resolved with the concerned authorities. Likewise, the; resolution applicant shall be responsible to discharge the Income-tax dues payable earliest possible by fully cooperating with the Tax Authorities in getting the dispute resolved within six months' period for the date of this order. It is hereby specifically observed that the 5 per cent limit to settle the dues of operational creditors is not approved. It is suo motu envisaged by the resolution applicant that all the operational creditors as outstanding in the books of account of WAPL as on the cut-off date shall be paid even though no claims have been received. The payment schedule affirmed That in the resolution plan it is stated that although in one of the Regulation it is provided that only liquidation value is to be considered for payment to operational creditor within 30 days, in priority to financial creditors, but the resolution applicant provides for repayment of dues to the operational creditors more than the liquidated value. Considering the undertaking of the resolution applicant, it is hereby directed that the payment to the operational creditors be made as agreed upon, which may exceed the liquidated value, within the time schedule as described in the resolution plan. The resolution applicant has also explained the means of finance to meet the costs of the resolution plan That through an affidavit the resolution applicant has affirmed that a sum of ₹ 103 lakh has also been paid to BoB towards OTS proposal and affirmed to make the balance payment as per the resolution plan. Subject to the qualifications made hereinabove in the resolution plan and the corresponding directions pronounced, this Bench record its satisfaction for granting approval to the resolution plan. Henceforth the moratorium order shall cease to have effect. The resolution professional shall further act upon as prescribed, on approval of the resolution plan to forward the records, to the concerned authorities and to intimate the closure of the insolvency proceedings. Resultantly the case-file is now required to be consigned to records.
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