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2019 (10) TMI 58 - Tri - Insolvency and BankruptcyValidity of Resolution plan - plan passed by the CoC of the corporate debtor - HELD THAT:- The ‘Resolution Plan’ filed with the Application meets the requirements of Section 30(2) of I&B Code, 2016 and Regulations 37, 38, 38(1A) and 39(4) of IBBI (CIRP) Regulations, 2016. The ‘Resolution Plan’ is also not in contravention of any of the provisions of Section 29A. The Resolution Professional has also certified that the “Resolution Plan” approved by the CoC’s does not contravene any of the provisions of the law for the time being in force. The Compliance Certificate is placed at pages 32 to 35 of the typed set filed with the Application. The ‘Resolution Plan’ is hereby approved, which shall be binding on the Corporate Debtor and its employees, members, creditors, guarantors and other stakeholders involved in the Resolution Plan including Resolution Applicant. While approving the ‘Resolution Plan’, as mentioned above, it is clarified that the Resolution Applicant shall pursuant to the Resolution Plan approved under Sub-section (1) of Section 31 of the I&B Code, 2016, obtain all the necessary approval as may be 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 this authority or within such period as provided for in such law - The order of moratorium dated 13.11.2018 passed by this Adjudicating Authority under Section 14 of I&B Code, 2016 shall ceased to have effect from the date of passing of this Order. The approved ‘Resolution Plan’ shall become effective from the date of passing of this Order.
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