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2021 (1) TMI 1245 - NATIONAL COMPANY LAW TRIBUNAL, BENGALURUSeeking approval of the Resolution plan - revival of the Corporate Debtor - HELD THAT:- The facts and circumstances, clearly established that the revised Resolution Plan dated 03.08.2020 submitted by Koncept Shelters, Resolution Applicant, was approved by the Committee of Creditors for Fortuna Buildcon (India) Pvt Ltd. It also provides for the appointment of a Monitoring committee consisting of the Applicant, two representatives from the secured Financial Creditors and one representative of the Resolution Applicant to effectively supervise the implementation of the plan from the date of approval date. The Applicant has filed Form H and also an affidavit by confirming all the requisite procedure under the extant provisions of law have been followed. It is settled position of law that Tribunal cannot interfere the commercial wisdom of COC in taking decision to approve the Resolution plan, unless arbitrary exercise of power is alleged to have been resorted to. The Promoter of Corporate Debtor has also participated in the Resolution process and its Resolution plan has been rejected by COC. The Resolution Plan in question is in compliance with the object and extant provisions of Code and the rules made there under, and thus it is fit to be approved under Section 31(1) of the IBC, 2016. Petition disposed off.
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