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2022 (9) TMI 680 - Tri - Insolvency and BankruptcyApproval of resolution plan - whether Mr. Nimit Sangani, the Resolution Applicant can get benefit of Section 240A of IBC? - HELD THAT:- It is not in dispute that the Corporate Debtor is MSME. It is also not in dispute that Mr. Nimit Sangani, one of the Promoters of the Corporate Debtor has submitted the resolution plan in his individual capacity. In view of the statement of law as made by Hon'ble NCLAT, it is held that Mr. Nimit Sangani, one of the Promoters of the Corporate Debtor is not ineligible to submit the resolution plan though he is a related party of the Corporate Debtor in view of the Section 240A of the IBC because he is paying debt of all the stakeholders in equitable manner. The term of the plan is in between 180 days to 720 days. In view of material on record, it is held that the resolution plan as submitted for our approval complies the provisions of Section 30(2),Section 31 and Regulation 30 of IBBI (CIRP of Corporate Person) Regulations 2016. This Resolution Plan is approved - application allowed.
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