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2019 (7) TMI 1739 - Tri - Insolvency and BankruptcySeeking approval of the Resolution Plan - section 30(6) of Insolvency and Bankruptcy Code, 2016 - HELD THAT:- The Resolution Professional has certified that the approved Resolution plan provides for payment of insolvency resolution process cost on priority in accordance with the Regulations and IBC, 2016. As per regulation 38(1)(a) of the CIRP regulations, the source of payment of CIRP cost and repayments of all unrelated Financial Creditors on priority basis has been identified and Resolution Applicant will sell one of his own properties and pay the entire CIRP cost and repayment of Unrelated Financial Creditors worth ₹ 21 Crores from that funds on priority basis - the Resolution Plan meets the requirements of section 30(2) of the Code and that the resolution plan has provisions for its effective implementation. Moreover, the Resolution Plan has been unanimously approved by the CoC and has been submitted in compliance of Section 30 of the Code for approval. Resolution Professional has confirmed that the Resolution Plan is compliant to sub-sections (a) to (f) of Section 30(2) of the Code and also comply Regulation 38 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. He has further certified that it has dealt with the interests of all stakeholders. The resolution plan approved by the CoC, is in accordance with the sub-section (2) of Section 30 read with Section 31 of the Code and as the Resolution Applicant is not disqualified under section 29A of the Code and as no infirmity seems to have brought out upon screening of the Resolution Plan - Resolution Plan approved.
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