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2021 (3) TMI 503 - Tri - Insolvency and BankruptcyApproval of Resolution Plan - sections 30(6) and 31(1) of the Insolvency and Bankruptcy Code, 2016 (IBC) read with regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations) - HELD THAT:- The resolution professional has examined the resolution plan and has found it to be in compliance with section 30(2) of the IBC read with regulation 38 of the CIRP Regulations - The resolution plan approved by the committee of creditors meets the requirements laid down in various clauses of section 29A and section 30(2). As per the list of the company as mentioned in information memorandum of the company, total claims filed by the financial creditors of the company amount to INR 126.57 crores out of which claims aggregating to INR 126.57 crores have been verified and admitted for the purpose of CIRP by the resolution professional - This Bench directs the RP to act as the monitoring agency and thus appointed RP as "monitoring agency" to monitor and supervise the implementation of the resolution plan and the remuneration of the monitoring agency shall be on ₹ 1,50,000 plus taxes and out of pocket expenses at actual. The resolution applicant is allowed to remove and/or substitute the monitoring agency with prior approval of this Adjudicating Authority if the monitoring agency is unable to satisfactorily perform its responsibilities or breaches terms of its appointment - the resolution plan submitted by M/s. Marinaindia Traexim P. Ltd. is found in conformity of section 30(2) of the Code and the same is approved. Resolution plan approved.
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