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2019 (1) TMI 1766 - NATIONAL COMPANY LAW TRIBUNAL BENGALURU BENCHApproval of Resolution Plan for the Corporate Debtor - all conditions as per section 30(2) of the Code fulfilled or not - HELD THAT:- In order to approve a Resolution Plan u/s.31(1) of the Code, Resolution Professional should examine each Resolution Plan should confirm that all conditions as per section 30(2) of the Code are complied - In compliance with the said conditions, the Resolution Professional has submitted various documents and statements as per provisions of the Code and the Rules made thereunder. And these compliances are briefly stated. The Resolution Plan dated 13th December 2016, which was approved by the CoC on 16-12-2019 for ILC Industries Ltd., submitted by M/s. Karatagi Refineries Private Limited, Resolution Applicant, confirm all the requisite conditions so as to approve it under section 31(1) of Code by the Adjudicating Authority. The Resolution Plan is approved by the CoC with 100% in accordance with law - All the relevant provisions of Code and the rules made thereunder are duly followed by the Resolution Professional and the Committee of Creditors - the said Resolution Plan is a fit to be approved under section 31(1) of the IBC, 2016. The Resolution Plan dated 13th December, 2019 submitted by M/s. Karatagi Refineries Private Limited (Resolution Applicant) as approved by the Committee of Creditor at 13th meeting held on 16th December, 2019 with 100%, is hereby approved by declaring that the Resolution Plan will be binding on the Corporate Applicant and its employees, members, creditors, including the Central Government, any State Government or any local Authority to whom a debt in respect of payment of dues arising under any law for the time being in force, as such as Authorities to whom statutory dues are owed, guarantors and other stakeholders involved in the instant Resolution Plan - moratorium shall cease to have effect from the date of communication of the order.
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