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2020 (9) TMI 1224 - Tri - Insolvency and BankruptcySeeking extension of time for implementation of plan which was granted by Committee of Creditors (CoC) for 180 days - HELD THAT:- The Resolution provides for appointment of RP as the person incharge to look after the implementation of Resolution Plan. The Resolution Plan has also addressed the issues which resulted into Insolvency of the Corporate Debtor and future business plan so as to such situation does not arise. The revised ‘Resolution Plan’ filed with the Application meets the requirements of Section 30(2) of 1&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 CoC does not contravene any of the provisions of the law for the time being in force. The Compliance Certificate is placed on record. The ‘Resolution Plan’ has been approved by the CoC with 100% voting share. The revised ‘Resolution Plan’ is hereby approved, which shall be binding on the Corporate Debtor and its employees, members, creditors, guarantors and other stakeholders involved in the Resolution Plan including Resolution Applicant - Application disposed off.
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