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2022 (1) TMI 770 - Tri - Insolvency and BankruptcyApproval of the Resolution Plan along with the Scheme of Amalgamation - Section 30(6) read with Section 31 of Insolvency & Bankruptcy Code, 2016 (IBC, 2016) read with Regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 - HELD THAT:- It is noted that Form H has been filed by Resolution Professional wherein all information/details as regard to conduct of CIRP as well as process adopted for Resolution Plan has been given. The Resolution Applicant has proposed to pay the financial creditor ₹ 77,10,00,000/- against its total admitted claim of ₹ 95,03,71,082/-. The amount of ₹ 12,32,44,348/- has been proposed in the Resolution Plan to pay to the Operational Creditor against the total admitted claim of ₹ 12,32,44,348/- including the Statutory Dues and Employees/Workmen which is 100% of the total admitted amount - in respect to CIRP cost, the resolution applicant has proposed to pay the CIRP cost from the cash from of the business of the Corporate Debtor, but is also proposed that in case of short fall of CIRP cost from the operational cash flow, it shall be additionally infused by the Resolution Applicant. The resolution applicant is providing ₹ 89,47,44,348/- plus equity or preference shares under the Resolution Plan against the liquidation value of ₹ 8300.75 lakhs - as regard to the eligibility of resolution applicant under Section 29A along with an undertaking of the resolution applicant to this effect has been filed. Also Regulation 36 to 39 of CIRP Regulations, 2016 has been complied with. The resolution plan addresses the cause for failure and also contains measures to run the Corporate Debtor in future and that the resolution plan is both feasible and viable as held by CoC and it also contains provisions for its effective implementation - the resolution plan is approved. Application allowed.
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