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2021 (1) TMI 610 - Tri - Insolvency and BankruptcyApproval of Resolution Plan - Section 31(1) of the Code - seeking appointment of RP to monitor the implementation of the scheme - HELD THAT:- Section 30(6) of the Code enjoins the resolution professional to submit the resolution plan as approved by the committee of creditors to the Adjudicating Authority. Section 31 of the Code deals with the approval of the resolution plan by the Adjudicating Authority, if it is satisfied that the resolution plan as approved by the committee of creditors under section 30(4) meets the requirements as referred to in section 30(2) - Thus, before approving the Resolution plan, it is the duty of the Adjudicating Authority that it should satisfy itself that the Resolution plan as approved by the CoC meets the requirements as referred to in sub-section (2) of Section 30. In terms of Regulation 27 of CIRP Regulations, Fair value and Liquidation value was ascertained through two registered valuers, and the same stands at ₹ 109.18 Crores and ₹ 96.92 Crores respectively. The total Resolution Plan value of ₹ 98.15 Crores is higher than the liquidation value - RP has complied with the code in terms of Section 30(2)(a) to 30 (2) (f) and Regulations 38(1), 38(1)(a), 38(2)(a), 38(2)(b), 38(2)(c) & 38(3) of CIRP regulations. The 'Resolution Plan' filed with the Application meets the requirements of Section 30(2) of the 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. Hence, this Adjudicating Authority is satisfied that the Resolution Plan is in accordance with Law - While approving the 'Resolution Plan', it is clarified that the Resolution Applicant shall pursuant to the Resolution Plan approved under Sub-Section (1) of Section 31 of the I&B Code, 2016, obtain all the necessary approvals as may be required under any law for the time being in force within the period as provided for in such law. This Adjudicating Authority orders for the Constitution of Monitoring Committee consisting of Mr TSN Raja, RP, representatives nominated by the Financial Creditors and the Resolution Applicant to supervise the implementation of the Resolution Plan and further Resolution Professional is directed to file status of implementation of Resolution Plan before this Adjudicating Authority from time to time - approved 'Resolution Plan' shall become effective from the date of passing of this Order. Application allowed.
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