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2019 (8) TMI 1707 - Tri - Insolvency and BankruptcyApproval of Resolution Plan - Extinguishment of all liabilities - termination/abatement of all pending proceedings - all liabilities and debt of PRC as admitted by the RP to be paid as provided for in this proposed Resolution Plan - discharge PRC of all liabilities including contingent liabilities - vesting of all licenses - grant of benefit of carry forward and set-off losses under applicable sections of the Income Tax act 1961 - HELD THAT:- The Resolution Plan filed with the Application meets the requirements of Section 30(2) of I&B Code, 2016 and Regulations 37, 38, 38(1A) and 39 (4) of IBBI (CIRP) Regulations, 2016. The Resolution Plan is also not in contravention of any of the provisions of Section 29A. The Resolution Professional has also certified that the "Resolution Plan" approved by the CoCs does not contravene any of the provisions of the law for the time being in force - The Resolution Professional has also filed Compliance Certificate in Form H as required under Regulation 39(4) of IBBI (Insolvency Process for Corporate persons) Regulations, 2016. The Resolution Plan annexed with MA/651/2019 filed in CP/540/IB/2018 is hereby approved, which shall be binding on the Corporate Debtor and its employees, members, creditors, guarantors, other stakeholders including statutory authorities involved in the Resolution Plan and the Resolution Applicant - While approving the Resolution Plan, as mentioned above, it is clarified that the Resolution Applicant shall pursuant to the Resolution Plan approved under Sub-section (1) of Section 31 of the I&B Code, 2016, obtain all the necessary approval as may be required under any law for the time being in force within a period of one year from the date of approval of the Resolution Plan by this authority or within such period as provided for in such law. Resolution plan approved - moratorium shall cease to have effect from the date of passing of this Order.
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