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2018 (9) TMI 1971 - Tri - Insolvency and BankruptcyApproval of Resolution plan - HELD THAT:- It is observed that as per the Resolution Plan, the board approves the restructuring of share capital can be carried out without being subject to the shareholders special resolution or the board resolution of the existing board for appointing the nominee(s) of the Board of Directors of the Resolution Applicant. The resolution plan submitted by the Resolution Applicant, Mr. Sarang S. Kale which was recommended by the COC vide meeting dated 18.06.2018 stands approved - The Resolution applicants are directed to adhere to the provisions of Section 53 of the IBC 2016 duly following the procedure for "water fall" in relation to the amounts brought in by the Resolution Applicants. The Resolution Plan stands approved and the Resolution Process is to be concluded as per the terms of approved resolution plan with the modification made in para 10 of this Tribunal's order - Moratorium ceased to have effect.
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