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2020 (3) TMI 1055 - Tri - Insolvency and BankruptcyApproval of Resolution Plan - insolvency resolution of the corporate debtor as a going concern - section 30(6) read with section 31 of the Insolvency and Bankruptcy Code, 2016 - HELD THAT:- On perusal of the records, it is found that the resolution plan conforms to the criteria as provided under clauses (a) to (f) in section 30(2) of the Code and the CoC approved the resolution plan by 92.44 per cent. majority of voting share. The resolution plan also conforms to such other requirements as may be specified by the Board - On perusal of the resolution plan, it is found that it meets the requirement of section 31 read with section 30(2) of the Code. Therefore, the present application I. A. No. 664 of 2019 is allowed subject to certain observations. Thus, approval of the resolution plan does not mean automatic waiver or abatement of legal proceedings, if any, which are pending by or against the company/corporate debtor as those are the subject-matter of the concerned competent authorities having their proper/own jurisdiction to pass any appropriate order as the case may be. The resolution applicant(s) on approval of the plan may approach those competent authorities/courts/legal forums/offices-Government or Semi-Government/State or Central Government, for appropriate relief(s) sought for in Clause No. (e) of Chapter IV of the resolution plan - Thus, not allowing the clause No. (e) of Chapter IV of the resolution plan, is not going to make any hindrance for proper implementation of the resolution plan as those are the subject-matter of the concerned/appropriate competent authorities. The resolution applicant(s) has/ have liberty to approach competent authorities for any concession, relief or dispensation as the case may be. The Adjudicating Authority, are of the considered opinion and also being satisfied that the resolution plan along with final addendum dated September 11, 2019 as approved by the committee of creditors (CoC) meets the requirements as referred to under section 30(2) of the Code - Application allowed.
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