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2021 (6) TMI 188 - Tri - Insolvency and BankruptcyApproval of Resolution Plan - section 30(6) of the IB Code, 2016, R/w regulation 39(4) of the IBBI (Insolvency Resolution for Corporate Persons) Regulations, 2016 - 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 39(4) meets the requirements as referred to in section 30(2) - 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, Liquidation value was ascertained through two registered valuers, and the Resolution Plan offers more than the average liquidation value - The 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)(e) & 38(3) of CIRP regulations. The 'Resolution Plan' filed with the Application meets the requirements of Section 30(2) of the I&B Code, 2016 and Regulations 37, 38, 38(1 A) and 39(4) of TBBI (CMP) 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 - the resolution plan is approved - moratorium shall cease to have effect.
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