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2022 (1) TMI 667 - Tri - Insolvency and BankruptcySeeking approval of Resolution Plan - Seeking consideration of its application on priority before approval of resolution plan - resolution professional has failed to discharge his obligation to assess the applicability of section 29A of the Insolvency and Bankruptcy Code, 2016 - HELD THAT:- For secured financial creditors, unsecured financial creditors and employees, 100 per cent. payment is given whereas to operational creditors, only 2 per cent. of the admitted amount is given. The fair value and liquidation value of the corporate debtor are ₹ 5,643.26 lakhs and ₹ 4,561.66 lakhs respectively. The amount given to the operational creditor is more than liquidation value. In form H in column No. 2 of clause 7, payment to unsecured financial creditors who voted in favour of the resolution plan has been mentioned as ₹ 4,17,70,701 whereas in the same column amount of unsecured financial creditors stands at ₹ 10,02,28,812 and in percentage terms has also been mentioned as 100 per cent. Thus the figure of ₹ 9,18,24,508 is inadvertently mentioned wrong - This factual position gets clarified from resolution plan itself wherein total payment to unsecured financial creditor stated as ₹ 10.02 crores which is the total of unsecured financial creditor not having a right to vote and who voted in favour of the resolution plan. There are no preferential undervalued or extortionate transaction. On perusal of contents of the resolution plan and it is found that the requirement of regulations 36 to 39 of the CIRP Regulations, 2016 have been complied with. Further it is noted that resolution applicant complies with the requirement under section 30(2)(b) of the IBC, 2016. Also, the resolution plan addresses the cause for failure and also contains measures to run the corporate debtor in future. The resolution plan is both feasible and viable as held by the CoC and it also contains provision for its effective implementation. The Resolution plan is approved.
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