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2019 (10) TMI 102 - NATIONAL COMPANY LAW TRIBUNAL, SINGLE BENCH, CHENNAIValidity of Resolution Plan - initiation of CIRP - Corporate Debtor - Section 7 of I&B Code, 2016 read with Rule 4 of the Insolvency Bankruptcy (Application to Adjudicating Authority) Rules, 2016 - HELD THAT:- The ‘Resolution Plan’ approved by the CoCs with 96.45% voting share and placed before this Authority appears to be in line with the object and purport of I&B Code, 2016, as it provides for insolvency resolution in a time bound manner for maximization of value of assets, viability of credit and balancing the interest of the stakeholders. Thus, ‘Resolution Plan’ filed meets the requirements of Section 30(2) of I&B Code, 2016 and Regulations 37, 38, 38(1A) and 39 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 CoCs does not contravene any of the provisions of the law for the time being in force. The Resolution Applicant shall, pursuant to the Resolution Plan approved under Sub-section (1) of Section 31 of the I&B Coded, 2016, 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 this Authority or within such period as provided for in such law - order of moratorium dated 12.03.2018 passed by this Adjudicating Authority under Section 14 of I&B Code, 2016 shall ceased to have effect from the date of passing this Order.
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