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2018 (8) TMI 1034 - Tri - Insolvency and BankruptcyCorporate Insolvency Resolution Process - Ld. Resolution Professional submits that the application is filed under Section 31(1) for approval of the Resolution Plan of GMSPL and that the Resolution Plan submitted for approval meets all the requirements of Section 30(2) of the Code read with Regulations 37 and 38 of IBBI (Insolvency Resolution Process for Corporate Persons) Resolution, 2016 (in short, CIRP regulations). Held that:- none of the objections raised by the applicant is sustainable under law. - The Resolution Plan of GMSPL which is approved by the CoC by more than 89.23% voting share is hereby approved under provisions of section 31(1) of the Insolvency & Bankruptcy Code, 2016, which will be binding on the Corporate Debtor, its employees, members, creditors, coordinators and other stakeholders involved in the Resolution Plan. The revival plan of the company in accordance with approved Resolution Plan shall come into force with immediate effect. - The moratorium order passed under Section 14 of the Code shall cease to have effect.
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