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2018 (8) TMI 1617 - Tri - Insolvency and BankruptcyResolution Plan approval - meeting the requirements as referred to section 30(2) of I&B Code - Held that:- Description about the resolution applicant proves that the identification of resolution applicant who can take care of the assets of the corporate debtor is reasonable and justifiable. So the stressed assets of the corporate debtor is going to the hand of a safer resolution applicant. An affidavit swearing that the applicant is not disqualified as per the amended section 29A of the I & B Code though seen not annexed by filing supplementary affidavit it has been annexed. The Resolution Professional also certified that the Resolution Applicant is not ineligible to submit a Resolution Plan under Section 29A of the I & B Code. The mandatory disclosure seen enclosed. Workmen dues and employees dues agreed to be paid within 30 days of the date of approval of the Resolution Plan. No infirmity seems to have brought out upon screening of the Resolution Plan and, therefore, the Resolution Plan submitted being meets all the requirement to be satisfied under Section 30(2) of the I & B Code the Adjudicating Authority has no other alternative other than to approve the Resolution Plan which shall be binding on the corporate debtor and its employees, members, creditors, guarantors and other stakeholders involved in the Resolution Plan. Accordingly, the Resolution Plan is approved upon the following orders:- (i) The Resolution Plan of Liberty House Group Pte. Ltd., which is approved by the CoC with 99.94% voting percentage, is hereby approved under provisions of Section 31(1) of the Insolvency and Bankruptcy Code, 2016, which will be binding on the Corporate Debtor, its employees, members, creditors, guarantors and other stakeholders involved in the Resolution Plan. (ii) The revival plan of the company in accordance with the approved Resolution Plan shall come into force with immediate effect. (iii) The moratorium order passed under Section 14 shall cease to have effect. (iv) The Resolution Professional shall forward all records relating to the conduct of the Corporate Insolvency Resolution Process and the Resolution Plan to the Insolvency and Bankruptcy Board of India to be recorded on its database. (v) Before parting with, it appears to me that I have to endorse my appreciation to the work rendered by the Resolution Professional, Mr. Sumit Binani for having a successful resolution process so as to find out a stakeholder having international repute to take over the stressed assets of the corporate debtor/ Adhunik Metaliks Limited.
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