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2018 (9) TMI 850 - Tri - Insolvency and BankruptcyResolution plan eligibility - corporate insolvency process - meeting the requirement as per the provisions of the Code and Regulation 38(l)(a) of the CIRP Regulation - Held that:- Provision in the Resolution Plan can be provided for execution of the conveyance deed by the Corporate Debtor in the name of the Applicant upon fulfilling the final payment and that a deed of conveyance to be executed in the name of the Applicant by the RP and an affidavit to that effect has been filed by the RP. So also a revised plan has been filed by the RP on 2nd August, 2018 incorporating a clause in the Loan Profile for sale of the property to the applicant in CA with in 30 days of approval of the resolution plan. Making the said provision in the Resolution Plan would satisfy the requirement of the claimant. (i) The Resolution Plan of Mr. S. K. Mitra, which is approved by the CoC with 100% 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 that I have to endorse my Appreciation to the work rendered by the Resolution Professional, Mr. Prabhjit Singh Soni for having a successful resolution process so as to find out a stakeholder having repute to take over the stressed assets of the corporate debtor/ Southern Cooling Towers Pvt. Ltd.
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