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2020 (10) TMI 1305 - NATIONAL COMPANY LAW TRIBUNAL, DELHIApproval of Resolution Plan - Sections 31 (1), 60 (5), of the Insolvency and Bankruptcy Code, 2016, R/w Regulation 39 of the Insolvency and Bankruptcy Board of India (CIRP) Regulations, 2016 - HELD THAT:- All necessary compliances are made - Resolution Applicant has submitted an Affidavit stating that he is not disqualified under the provisions of Section 29A. The Resolution Plan provides payment of the CIRP Cost, in priority to the payment of other creditors (secured or unsecured), operational creditors, and workmen for employees on approval of the Plan by CoC. The CIRP Cost shall be included in the price offered for the other stakeholders. The payment of CIRP cost shall be made to the Resolution Professional within 30 days from the date of approval of the Resolution Plan by this Authority - The Resolution Plan provides for the payment of ₹ 50 Lakhs to the Operational Creditor - there is no dissenting Financial Creditor. The Resolution Plan provides for reconstitution of the board of the Corporate Debtor for managing its affairs. The Resolution Plan provides that the implementation of the plan shall be jointly supervised by the Monitoring Committee - The Resolution Plan fulfils all the condition prescribed under Regulation 38(3) - the Resolution Applicant has paid 5% of the Resolution Plan amount through Demand Draft - As per the CoC, not required. The "Resolution Plan" is hereby approved which shall be binding on the Corporate Debtor and its employees, members, creditors, guarantors, statutory authorities and other stakeholders involved in the Resolution Plan including 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 Section 31(1) of the IBC, 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 under such law - the order of moratorium passed by this Adjudicating Authority under Section 14 of the IBC, 2016 shall cease to have effect from the date of passing of this Order. Application allowed.
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