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2019 (11) TMI 1694 - Tri - Insolvency and BankruptcySeeking approval of the Resolution Plan - Section 30(6) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 39(4) of the IBBI (Insolvency Resolution Process of Corporate Person) Regulations 2016 - HELD THAT:- By virtue of mandatory contents of resolution plan, the same is in accordance with Section 30 and 31 of the Code, and also complies with the requirement of the Regulations 38 and 39 of CIRP Regulations. On perusal of the resolution plan, this Bench being satisfied with the valuation given by the registered valuers, estimation of turnover during the resolution period, repayment schedule to the creditors both secured and unsecured and the approval of resolution plan as approved by the CoC with 100% voting, approves the resolution plan with a condition that the Resolution Applicant shall make the additional payment towards non-moving statutory liability as undertaken. The Resolution Applicant in its resolution plan, has dealt with interests of all stakeholders of the Corporate Debtor, including the Financial Creditors, the Operational Creditors and the CIRP cost - the resolution plan has necessary provisions for its effective implementation. Resolution plan approved - application allowed.
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