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2020 (7) TMI 203 - Tri - Insolvency and BankruptcyApproval of Resolution Plan - CIRP process - withdrawal of EOI after the issue of provisional list - HELD THAT:- As approved by a 100% vote by' the COC, this Adjudicating Authority holds that the Resolution Plan of M/s Sabrang Steel Pvt. Ltd, as submitted by the RP is in conformity with the purposes and objects of the IBC, and all Rules and Regulations and the same meets the requirements of provisions of Section 30 of the Code of 2016 and Regulation 37 and 38 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The Plan not only appears to be viable but also takes care of all the stakeholders, notably the financial creditors, Operational creditors, Workmen and employees, Other Current Liabilities and Contingent Liabilities. It appears from clause 11.3 Of the Resolution Plan that a Monitoring Committee shall be formed comprising of the Resolution Professional, Members Of Financial Creditors/ Banks and representatives of the successful Resolution Applicant to monitor the progress and implementation of the plan at regular intervals, till the creditors are paid their dues as envisaged under the Resolution Plan. Cost or expenses of the monitoring committee including fees of Resolution Professional post approval of Resolution Plan by the NCLT shall be borne by the successful Resolution Applicant with a capping of ₹ 2 lakh only - the Adjudicating Authority records its satisfaction for granting approval to the final Resolution Plan. It also believes that it would be in the best interest of the FCS, its employees, OC, and all stake holders to accept the final Resolution Plan. Resolution Plan is approved - Approved Final Resolution Plan shall come into force with immediate effect - moratorium Order passed under Section 14 shall cease to have effect.
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