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2019 (5) TMI 601 - Tri - Insolvency and BankruptcyApproval of the resolution plan and its implementation - Corporate debtor - section 30(6) of the I and B Code, 2016 - HELD THAT:- The CoC has considered the resolution plan afresh in the light of the objection raised by this Authority. The explanation provided in the supplementary affidavit is satisfactory. The "resolution plan" filed with typed set to the application meets the requirements of section 30(2) of the I and B Code, 2016 and regulations 37, 38, 38(1A) and 39 of the IBBI (CIRP) Regulations, 2016. The "resolution plan" is also not in contravention of any of the provisions of section 29A, Therefore, this Authority in exercise of the powers conferred under sub- section (1) of section 31 of the I and B Code, 2016, approves the "resolution plan" annexed with M. A. No. 515/IB/2018 filed in C. P. No. 689/IB/2017 by granting concession/exemptions as enumerated under paragraph 7.2 (A and B), paragraph 8.1 (A, N, O, P, Q, R, S), paragraphs 8.3, 8.5, 8,6, 8.7, 8.8 and 8.9 of the resolution plan - The resolution plan approved shall be binding on the corporate debtor, its employees, members, creditors, guarantors and other stakeholders involved in the resolution plan. The resolution applicant shall, pursuant to the resolution plan approved under sub-section (1), obtain the necessary approval required under any law for the time being in force within a period of one year from the date of approval of the resolution plan by the Adjudicating Authority under sub- section (1) or within such period as provided for in such law, whichever is later.
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