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2020 (12) TMI 1054 - NATIONAL COMPANY LAW TRIBUNAL , AHMEDABAD BENCHSeeking extension of time for implementation of plan which was granted by Committee of Creditors - it was submitted that approved Resolution Plan complied with all the requirements of Section 30(2) of IBC, 2016 and r.w. relevant Regulations made thereunder - HELD THAT:- It is noted that the Resolution Plan, submitted for approval, has been duly approved by the CoC in its meeting dated 19.09.2019 by 100% votes. The Resolution Professional has given requisite certificate that plan complies with all requirements Section 30(2) of IBC, 2016 r.w. relevant CIRP Regulations. The perusal of the Resolution Plan shows that the Financial Creditor will get a sum of ₹ 41,59,40,000/- against the their total claimed amount of ₹ 65,75,36,785/- which works out to 63.26%. Workmen dues have been provided in toto for the claims submitted by such workmen. The Operational Creditors would receive a sum of ₹ 16,02,791/- as against their total claimed of ₹ 8,74,42,091./- provisions for statutory liabilities has been made at ₹ 86,27,208/-. Thus, in sum and substance, the Resolution Plan provides for settlement of claim of various stakeholders. It is also noted that the Resolution Plan provides the background of successful Resolution Applicant and its associates. The revised '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 does not contravene any of the provisions of the law for the time being in force. The Compliance Certificate is placed on record. The 'Resolution Plan' has been approved by the CoC with 100% voting share - the revised '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. Resolution Plan stands modified to the extent of our direction given in this order and to be read along with such directions - Application disposed off.
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