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2019 (4) TMI 2044 - Tri - Insolvency and BankruptcySanction of the Resolution Plan - Sections 30(6) and Section 31 of the Insolvency and Bankruptcy Code 2016, read with regulation 39(4) of the IBBI (Insolvency Regulation Process for Corporate Persons) Regulation 2016 - HELD THAT:- The Resolution Plan has been filed by the RP and is duly annexed with form H and an affidavit. It is submitted that after exclusion of certain days as admissible on account of absence of any RP or pendency before the adjudicating authority, the resolution plan has been filed within 270 days of its initiation. The RP has certified that the Resolution Plan has been examined and found to be strictly in compliance of the mandatory provisions of Section 30(2) of the Code. On-going through the plan, and in terms of Section 31 of the Code this Bench is satisfied that the resolution plan as unanimously approved by the Committee of Creditors under sub-section (4) of section 30 meets the requirements as referred to in sub-section (2) of section 30. In view of the same, there is no legal impediment in confirming the same by this Adjudicating Authority - The resolution plan is approved which shall be binding on the corporate debtor and its employees, members, creditors, guarantors and other stakeholders involved in the resolution plan - moratorium imposed upon the assets of the Corporate Debtor shall cease to have any effect in terms of Section 31(3)(a) of the Code. Application allowed.
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