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2020 (1) TMI 1328 - Tri - Insolvency and BankruptcyApproval of Resolution Plan - Section 30 (6) read with Section 31 (l) of the Insolvency and Bankruptcy Code, 2016 read with Regulation 39 (4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 - HELD THAT:- The Resolution Plans were taken up for consideration by the Committee of Creditors. Both the Resolution Plans complied with the mandatory requirements stipulated under Section 30 (2) of the Code read with Regulations thereunder. The Committee of Creditors discussed the feasibility and viability of the Resolution Plans and the capability of the Resolution Applicants to implement the Resolution Plan and carry out the evaluation of the Resolution Plans. Finally, a evaluation matrix was arrived at, as per the scoring rate Sterlite Power Transmission Limited (STPL) scored 91.26%, IMR Metallurgical Resources AG score was 80.42 %. Based on the evaluation criteria set out in the RFRP Sterlite Power Transmission Limited was declared as a highest evaluated Resolution Applicant. The 31st Committee of Creditors Meeting held on 13th November, 2019, the Resolution Plan submitted by M/S Sterlite Power Transmission Limited (SPTL) was approved by the Committee of Creditors by 95.15 % of voting shares. The Resolution Plan submitted by M/S Sterlite Power Transmission Limited (SPTL) i.e. Resolution Applicant, approved by 95.15 % of voting share in 31st Committee of Creditors Meeting dated 13.11.2019 is APPROVED, as per Section 31 (l) of the Insolvency and Bankruptcy Code, 2016. Accordingly, the same shall be binding on the Corporate Debtor and its employees, members, all creditors including Central and State Government and local authorities, guarantors and other stakeholders. Application allowed.
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