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2021 (12) TMI 1334 - NATIONAL COMPANY LAW TRIBUNAL, ALLAHABADApproval of Resolution Plan - section 30(6) read with section 31(1) of the Insolvency and Bankruptcy Code, 2016 - HELD THAT:- The Resolution Plan defines "Effective Date" as the date on which the Adjudicating Authority approves the Resolution Plan. Under the Resolution Plan, payments towards the CIRP Cost, Operational Creditors and the Financial Creditors would be made within 90 days from the approval of the plan from the Adjudicating Authority. Page 84 of the Application The Resolution Professional states that the 100% CoC member (AARC) had voted in favour of the Plan and has accepted this proposal in the sixth CoC Meeting. It is found that the Resolution Plan has been approved with 100% voting share. As per the CoC, the Plan meets the requirement of being viable and feasible for revival of the Corporate Debtor. By and large, all the compliances have been done by the RP and the Resolution Applicant for making the Plan effective after approval by this Bench - the Resolution Plan is in accordance with sections 30 and 31 of the Code and also complies with regulations 37, 38 and 39 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. No circumstances exist that militate against grant of approval for the Resolution Plan. The Resolution plan is approved - application allowed.
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