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2018 (9) TMI 1959 - AT - Insolvency and BankruptcyApproval of Resolution Plan - impugned order was passed without notice and hearing the appellant (Operational Creditor) - violation of Section 30(2) of the I&B Code - HELD THAT:- Such submission cannot be accepted as there is no requirement to issue notice to the ‘Operational Creditor(s)’ or any other ‘creditors’ for approving a ‘Resolution Plan’ under Section 31 of the I&B Code, having already approved by the ‘Committee of Creditors’ by majority voting share and in absence of any violation of Section 30(2) of the I&B Code. It was next contended that under the provisions of ‘Gujarat Electricity Regulatory Commission (Electricity Supply Code and related matters) Regulations, 2015’, no electrical connection can be restored in favour of the ‘Corporate Debtor’ till the total amount due to the Electricity Company (appellant herein) is paid - HELD THAT:- Such submission cannot be accepted in view of the provisions of Section 31 of the I&B Code, where it was made clear that the ‘Resolution Plan’ is binding on the ‘Corporate Debtors’, ‘Financial Creditors’, ‘Operational Creditors’ and all other ‘stakeholders’ including ‘guarantors’. The provision of Section 31 being binding on the appellant - ‘Operational Creditor’, in view of Section 238 of the I&B Code, the provisions of ‘Gujarat Electricity Regulatory Commission (Electricity Supply Code and related matters) Regulations, 2015’, cannot override the same. As per the approved ‘Resolution Plan’ a sum of ₹ 80.80 Lakhs is payable to the appellant (Operational Creditor). The said amount having paid by the successful ‘Resolution Applicant’, the appellant in its turn is required to restore the electricity connection of the ‘Corporate Debtor’ - there are no merits in the present appeal - appeal dismissed.
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