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2020 (3) TMI 1104 - Tri - Insolvency and BankruptcyApproval of Final Resolution Plan - section 31 of the IBC - extension of CIRP period - HELD THAT:- The resolution professional has examined the modified plan and has found it to be in compliance with section 30(2) of the IBC read with regulation 38 of the CIRP Regulations. The provision regarding waiver of any liability accruing in respect of minimum alternate tax (MAT) kept in resolution plan originally has been deleted in modified plan. The term of plan is increased from three years to seven years without affecting the feasibility and viability of the plan. The resolution professional Mr. Vikram Bajaj will be the monitoring and supervising agency for implementation of the plan. The remuneration of the monitoring agency shall be ₹ 1,50,000 plus taxes and out of pocket expenses at actual - The corporate debtor will stand amalgamated with the resolution applicant as per the scheme of amalgamation. It is stated that the scheme of amalgamation between Swadisht Oils Pvt. Ltd. (transferor company) and Rajasthan Liquors Ltd. (transferee company) as given in annexure B to modified resolution plan at pages 153-168 is to facilitate the insolvency resolution of transferor company and shall enable continuity of operations of SOPL and enhance its viability, apart from saving employment of existing employees and works. The modified resolution plan submitted by "Atyant Capital India Fund-1" is found in conformity of section 30(2) of the Code and the same is approved.
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