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2021 (1) TMI 505 - Tri - Insolvency and BankruptcyApproval of the resolution plan - section 30(6) of the Insolvency and Bankruptcy Code, 2016 - HELD THAT:- By virtue of mandatory contents of resolution plan, the same is in accordance with sections 30 and 31 of the Code, and also complies with the requirement of regulations 38 and 39 of the CIRP Regulations. The resolution applicant has sought certain reliefs and concessions in the resolution plan. This Bench is not inclined to allow any of the said reliefs and concessions prayed by the resolution applicant. Therefore, the resolution applicant may apply to the relevant regulatory authorities for said reliefs and concessions and the relevant authorities may consider it as per relevant applicable laws - The resolution applicant, on taking control of the corporate debtor, shall ensure compliance under all applicable laws for the time being in force. It is made clear that the resolution applicant shall take over the corporate debtor with all its assets and liabilities as per terms of the approved resolution plan. The resolution plan shall be approved with modifications, which shall be binding on the corporate debtor and its employees, members, creditors, guarantors, resolution applicant and other stakeholders involved in the resolution plan. Resolution plan is approved - application allowed.
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