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2020 (2) TMI 477 - NATIONAL COMPANY LAW TRIBUNAL, MUMBAIApproval of Resolution Plan - section 31(1) of I&B Code - HELD THAT:- The Resolution Plan in hand satisfies the minimum threshold of approval by 66% majority of the Coc. Hence, as per the Coc, the plan stands the requirement of being viable and feasible for revival of the Corporate Debtor. By and large, all the compliances have been done by the RP and the Resolution Applicant for making the plan effective after approval by this Bench - It is observed by this Bench that since this Resolution Plan is approved and Order is pronounced, the issue regarding the validity of the Plan for a period of 12 months from the submission date becomes redundant. The Resolution Plan is binding on the Corporate Debtor and other stakeholders involved so that revival of the Debtor Company shall come into force with immediate effect and the “Moratorium” imposed under section 14 shall cease to have any effect henceforth. The Resolution Professional shall submit the records collected during the commencement of the Proceedings to the Insolvency & Bankruptcy Board of India for their record and also return to the Resolution Applicant or New Promoters. Certified copy of this Order be issued on demand to the concerned parties, upon due compliance. That liberty is hereby granted for moving any Miscellaneous Application if required in connection with implementation of this Resolution Plan. In respect of stepping by the New Promoters/Resolution Applicant into the shoes of the erstwhile Company and taking over the business, the provisions of Companies Act, 2013 shall be applicable and because of this reason a copy of this Order is to be submitted in the Office of the Registrar of Companies, Mumbai.
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