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2021 (9) TMI 788 - Tri - Insolvency and BankruptcySeeking approval of the resolution plan - section 30(6) of the Insolvency and Bankruptcy Code, 2016 - HELD THAT:- In view of the ruling of the apex court in COMMITTEE OF CREDITORS OF ESSAR STEEL INDIA LIMITED THROUGH AUTHORISED SIGNATORY VERSUS SATISH KUMAR GUPTA & OTHERS [2019 (11) TMI 731 - SUPREME COURT], the resolution applicant takes over the corporate debtor with all its assets and liabilities as specified in the resolution plan subject to orders passed herein. As already indicated the resolution plan has been approved by the CoC with 67.01 per cent. votes in its meeting held on December 31, 2020 - In the said case, the hon'ble apex court clearly laid down that the Adjudicating Authority would not have power to modify the resolution plan which the CoC in their commercial wisdom have approved. The instant resolution plan meets the requirements of section 30(2) of the Code and regulations 37, 38, 38(1A) and 39(4) of the Regulations. The resolution plan is not in contravention of any of the provisions of section 29A of the Code and is in accordance with law - Application allowed.
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