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2022 (6) TMI 872 - Tri - Insolvency and BankruptcyApproval of resolution plan - allegation of non consideration of undervalued transaction - reversal of effects of such avoidance transactions - rejection of Resolution Plan approved by Committee of Creditors - disqualification of Resolution Applicant i.e. Respondent no.1 and 2 u/s 29A of the Code - directions to pass order u/s 47 of the Code requiring Board to initiate disciplinary proceedings against Respondent no. 3 - HELD THAT:- This bench is of the view that the Corporate Debtor is a registered MSME and the provisions of Section 240 A of the Code provide an exemption to the Successful Resolution Applicant from compliance with the provisions of Section 29A(c) and (h) of the Code. So, the resolution plan submitted by the resolution applicant is very much under the provisions of Code. Moreover, a clause of personal guarantee in the resolution plan will not extinguish the right of creditors to proceed against personal guarantors. Creditors are always at liberty to proceed against personal guarantor separately. The application under section 66 is to be filed only by the resolution professional or the liquidator. Moreover, the applicant herein is not a resolution professional and is only a dissenting financial creditor and in this capacity the Applicant has no right to file the present application. In any case, the present application is liable to be dismissed on the ground of maintainability also, since the transactions which were mentioned in the application under section 47 and section 66 does not qualify the criteria of undervalued or fraudulent transaction - Application dismissed.
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