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2017 (12) TMI 1763 - NATIONAL COMPANY LAW TRIBUNAL, ALLAHABADApproval of Resolution Plan - learned counsel appearing for EXIM Bank submitted that the bank has not yet been supplied with a copy of the resolution plan - application for stay of the present proceedings has been filed and is now sub judice before the Hon'ble NCLAT - HELD THAT:- The PCS representing the RP submitted that he is not aware of filing of such stay application. However, there is no stay till date - As of today there is no stay from Hon'ble NCLAT in respect of proceeding of this Tribunal or for pronouncement of order on approval or otherwise of the resolution plan, therefore, this court can proceed further to pass an order. However, this order would be subject to outcome of pending appeal and appropriate directions that may be issued by the NCLAT in pending appeal. The Committee of Creditors in its meeting held on December 07, 2017 has approved the resolution plan as submitted by M/s Atyant Capital India Fund - I through voting (of more than 80%) in its favour as per Section 30(4) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 39(3), of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Person) Regulation, 2016. Subsequently, the State Bank of India also which earlier remained absent in such voting. Later on it has duly concurred with the CoC, such decision dated 07.12.2017 for approval of the resolution plan. Hence, it is deemed that 100% of CoC member has agreed for and approved the resolution plan as submitted by the Atyant Capital India Fund - The RP received a legal opinion and vetting from M/s Luthra & Luthra, M/s Vinod Kothari & Co. and M/s J. Sagar & Associates, all of them have confirmed the resolution plan opining that such Plan is in conformity with the provisions of Insolvency and Bankruptcy Code. 2016. As the Resolution Applicant M/s Atyant Capital India Fund has made such declaration that the Resolution Plan does not contravene any provision of the law for time to time being in force which is annexed with the present application and to be formed part of the resolution plan. A perusal of Proposed Resolution Plan shows that all the requirement of the IBC and CIRP regulations have been complied with. Further, the proposed Resolution Plan seems to be bona fide and beneficial to the interest of the company, nor it is forbidden by law - Therefore, this court being an Adjudicating Authority is not expected to substitute its view with Commercial Wisdom of the RP and CoC nor it should deal with technical complexity and merits of Resolution Plan unless it found contrary to express provision of law and goes against the public interest. Application allowed.
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