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2018 (9) TMI 1395 - Tri - Insolvency and BankruptcyCorporate insolvency process - Resolution Plan approval - Held that:- An affidavit swearing that the resolution applicant is not disqualified as per the amended section 29A of the I & B Code 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 stake holders involved in the Resolution Plan. (i)The Resolution Plan of Shri Ram Residency Private Limited, which is approved by the CoC with 99.67 voting percentage, is hereby approved under provisions of sub-section (1) of Section 31 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.
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