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2019 (1) TMI 841 - AT - Insolvency and BankruptcyCorporate Insolvency Resolution Process - Held that:- From bare perusal of amended sub-section (4) of Section 30 particularly proviso therein, it will be apparent that though amended subsection (4) of Section 30 came into force from 6th June, 2018, it is applicable to all ‘Resolution Plans’ which were not approved by the ‘Committee of Creditors’ or by the Adjudicating Authority. In the present case, as we find that the ‘Resolution Plan’ has not been approved by the Adjudicating Authority and with the assent of more than 72% of the voting shares, the ‘Committee of Creditors’ wanted to approve the plan, and in absence of any allegation that the sole ‘Resolution Applicant’ is ineligible under Section 29A of the ‘I&B Code’, we hold that the Adjudicating Authority rightly asked the ‘Resolution Professional’ to place the matter before the ‘Committee of Creditors’ in terms of amended subsection (4) of Section 30 for its consideration in accordance with the said provision. We affirm the impugned order dated 11th June, 2018. We exclude the period of pendency of this appeal i.e. from 9th July, 2018 till the date of this judgment, apart from the exclusion of period already allowed by the Adjudicating Authority for the purpose of counting the period of 270 days. The ‘Committee of Creditors’ are directed to consider the ‘Resolution Plan’ in question, whereinafter the ‘Resolution Professional’ will place the matter before the Adjudicating Authority for order under Section 31 of the ‘I&B Code’ on an early date.
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