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2019 (10) TMI 1393 - Tri - Insolvency and BankruptcyApproval of Resolution Plan - section 30(6) of the I&B Code - HELD THAT:- The documents submitted by the Claimants, do not prove the existence of debt or allotment of Gala to the Claimants. Further, there is no privity of the Corporate Debtor to the loan agreement between the Claimant and the sister concern of the Corporate Debtor. Therefore, the Claim of the Claimants is not maintainable and at this moment Rejected. In light of the rejection of claim of the Claimants, they do not have any locus to challenge the Resolution Plan, and therefore, the objections to the resolution filed by the claimants are also not maintainable and at this moment Rejected. The erstwhile Promotor has filed objections to the approval of the resolution plan on the grounds of alleged suppression of facts by the RP, careful non consideration of various facts available on record with the State Bank of India and non-compliance of the requisitions of section 30 and section 31 of the I&B Code - the compliance of various sections of the I&B Code and is certified by the RP. Further, the resolution plan is approved by the CoC in its commercial wisdom. Therefore, we do not find any merit in objections raised by the erstwhile promoter of the Corporate Debtor and the same are rejected. Application disposed off.
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