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2019 (12) TMI 1397 - Tri - Insolvency and BankruptcyApproval of the resolution plan - section 30(6) and 31 of Insolvency and Bankruptcy Code, 2016 - HELD THAT:- This Bench being satisfied with the valuation given by the registered valuers, estimation of turnover during the resolution period, repayment schedule to all the creditors, the approval of resolution plan as approved by the CoC with 87.62% voting, approves the resolution plan - this Resolution Plan approved by the COC with the required majority satisfies all the criteria required for approval of Resolution Plan and accordingly the Resolution Plan is approved. The Resolution Applicant, on taking control of the Corporate Debtor, shall ensure compliance under all applicable law for the time being in force. The resolution plan has necessary provisions for its effective implementation - The resolution applicant shall obtain the necessary approval required under any law for the time being in force within one year from the date of this order or within such period as provided for in such law, whichever is later. The resolution plan is approved, which shall be binding on the Corporate Debtor and its employees, members, creditors, guarantors, Resolution Applicant and other stakeholders involved in the resolution plan. This Bench hereby discharges the RP from duties of the RP by submitting all the records maintained by him to the Insolvency and Bankruptcy Board of India as provided under the Insolvency and Bankruptcy Code, 2016 and the regulations thereunder - Application allowed.
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