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2018 (9) TMI 206 - Tri - Insolvency and BankruptcyCorporate insolvency process - approval or rejection of the resolution plan, which was accepted by the committee of creditors with the requisite voting share - Held that:- One of the contention raised by the learned senior counsel for ICICI Bank that the applicant Bank was forced to give assent to the resolution plan otherwise assent would have lead to the nil payment to the applicant bank in case of approval of the plan. This contention cannot be accepted as there are as many as 95 financial creditors being members of the COC and the voting share of ICICI Bank is only 1. 108%. The claim made by ICICI Bank was ₹166. 66 crores whereas the Resolution Professional accepted the claim to the tune of ₹139. 66 crores. So, even acceptance of the rest of the amount of claim to the tune of ₹27 crores would not bring any change in the voting pattern, the total amount of financial debt being ₹12, 604. 60 crores as is evident from the document Annexure A-8 attached with CA No. 114 of 2018. The resolution professional has also filed the compliance certificate under regulation 39 (4) of the Regulations by diary No. 2159, dated 13. 06. 2018. We allow CA and the resolution plan submitted by LHG Pte Limited is found to be in conformity with sub-section (2) of Section 30 of the Code and the same is approved with the modification that the timelines given in the resolution plan shall stand extended during the period, CA No. 114 of 2018 remained pending i. e. from 16. 04. 2018 upto the date of decision of the application. The application bearing CA which has been filed by the resolution professional for seeking clarification from this Tribunal stands disposed of as the non-disclosures of the associate companies by the Resolution Applicant in this case, has not been found to be fatal to the validity of the resolution plan and its implementation. It is further directed that the resolution plan so approved shall be binding on the Corporate Debtor, its employees, members, creditors, guarantors and other stakeholders involved in the resolution plan. With the approval of the resolution plan, the moratorium order passed by this Tribunal under Section 14 of the Code shall cease to have effect. The Resolution Professional is directed to forward all the record relating to the conduct of the corporate insolvency resolution process and the resolution plan to the IBBI to be recorded on its database.
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