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2020 (7) TMI 766 - Tri - Insolvency and BankruptcyApproval of Resolution Plan - Section 30(6) 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:- This Authority giving credence to the commercial decision of the COC in approving the Resolution Plan has perused the Resolution Plan in light of the same. Further, it is seen that the Resolution Applicant has sought for Relief and Concessions in the Resolution Plan. The Liquidation Value of the Corporate Debtor as per Form H filed by the Resolution Professional is arrived at ₹ 155 Crores and the Resolution Plan provides for an amount of ₹ 368.50 Crores payable to all the stakeholders (excluding ₹ 0.50 Crores of CIRP costs), which is much more than the Liquidation value. Since prima facie, there are no inconsistency in relation to the Resolution plan vis-a-vis the provisions of section 30(2) of IBC, 2016, the Resolution Plan is hereby approved and it shall be binding on the Corporate Debtor and other stakeholders involved so that revival of the Debtor Company shall come into force with immediate effect and the "Moratorium" imposed under section 14 of IBC, 2016 at the time of initiation of CIRP shall not have any effect henceforth. The Resolution Professional shall submit the records collected during the commencement of the Proceedings to the Insolvency & Bankruptcy Board of India for their record and also return thereafter to the Resolution Applicant or New Promoters. Application filed by the Resolution Professional for the approval of the Resolution Plan stands allowed.
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