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2021 (3) TMI 250 - Tri - Insolvency and BankruptcyApproval of Resolution plan - fresh claim of outstanding FRP dues of farmers who has supplied sugarcane to the corporate debtor - whether the outstanding dues of the factory be returned/refunded and/or adjusted towards the future bill cycles of the Applicant? - HELD THAT:- The attached plots are the property of the Corporate Debtor and were mentioned in the valuation report - It is to be noted that when the resolution plan is approved the resolution applicant takes over all the assets of the Corporate Debtor and is liable to make payment to the Financial Creditors, Operational Creditors etc. as agreed in the resolution plan which has been approved by the CoC and subsequently final seal of approval is given by this Tribunal as provided under Section 31 of the Code. Once that process is over, the resolution applicant cannot be saddled with any kind of new liability apart from the agreed payment to the stakeholders in the Resolution Plan. The resolution applicant is deemed to have taken over all the assets of the Corporate Debtor including the above said plots of land on which the R1 created a charge for non-payment of FRP. In the resolution plan, approved by this Bench the Resolution Applicant has agreed to pay sum of ₹ 2 Crores to the farmers over a period of time. Hence, charge created by the R1 on the initiation of Revenue Recovery Proceedings has to be set aside - Application disposed off.
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