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2019 (3) TMI 1706 - Tri - Insolvency and BankruptcyApproval of a Resolution Plan - Section 31 of the Insolvency and Bankruptcy Code - Application dismissed default for want of prosecution - HELD THAT:- Section 30(2)(e) of I & B Code stipulates that the resolution plan should not contravene any provisions of law for the time being in force. Therefore, the law of the land must be given due respect and weightage while implementing such resolution plan which include the constitutional law as declared by the Honourable Supreme Court, which has binding effect under Article 141 of the Constitution of India and all the authorities - civil and judicial - shall act in aid of the decision of the Honourable Supreme Court under Article 144 of the Constitution of India. A careful perusal of the resolution plan submitted by H-l Resolution Applicant also speaks about the severability clause stating that if such concession/exemption, which are not approved or confirmed by this Adjudicating Authority, are not be treated to make redundant the plan and the plan can be enforced and implemented. Moreover, the provisions of Section 31(4) provide that a resolution applicant shall, pursuant to the resolution plan approved under sub-section (1), obtain the necessary approval required under any law for the time being in force within a period of one year from the date of approval of the resolution plan by the Adjudicating Authority under Sub-section (1) or within such period as provided for in such law, whichever is later. The statute has already taken care of all the interests of the resolution applicant by providing on year's time for seeking necessary approval required under any law for the time being in force for implementation the resolution plan. Therefore, our this order for approving the resolution plan cannot purport nor can be construed to have given any exemption in law or statutory concession, because, in our humble view, it lies in the domain of an appropriate Government and competent Authority. Application approved.
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