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2019 (3) TMI 1844 - Tri - Insolvency and BankruptcyApproval of Resolution Plan - rule 11 and any other applicable provisions of NCLT Rules, 2016 - HELD THAT:- Hon'ble NCLAT has already held that "resolution plan being in conformity with section 30(2) warranted approval by the Adjudicating Authority. Hon'ble NCLAT has further directed the Adjudicating Authority to approve the plan in terms of section 31 of IBC with modification that the plan is to be implemented within the period of 12 years as offered by the successful resolution applicant. In this case the resolution plan has been approved by the Committee of Creditors with requisite majority and Hon'ble NCLAT has already held that the resolution plan is in conformity with section 30(2) of the I & B Code 2016 and has given the specific direction to approve the plan in terms of section 31 of IBC with modification that the plan is to be implemented within the period of 12 years as offered by the successful resolution applicant - Adjudicating Authority can scrutinise the approved Resolution Plan only under parameters of section 30(2) and section 31 of the Code and Hon'ble NCLAT has already given a finding that Resolution Plan conforms with the provision of section 30(2) of the Code. Given the Directions of Hon'ble NCLAT we as adjudicating Authority we at this moment approve the resolution plan in terms of section 31 of the I & B Code 2016. Designated Registrar is directed to communicate this order immediately to the Resolution professional, Successful Resolution Applicant and the Dissenting Financial Creditor by way of e-mail and submit the compliance on 28-3-2019.
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