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2020 (4) TMI 311 - Tri - Insolvency and BankruptcyApproval of Resolution Plan - Payment of statutory dues - HELD THAT:- The CoC having taken decision that the present Resolution Plan is beneficial to the Financial Creditors, Corporate Debtor and all other stakeholders, they have approved the Resolution Plan with a voting share of 70.93% on 30-10-2019 - We have not come across this Resolution Applicant asking any exemption towards the claims after approval of this plan, however, in any event, if any such exemption is mentioned anywhere in the plan that is not acceptable unless and until such relief is in accordance with law. As to action to be taken by the Corporate Debtor mentioned in the Resolution Plan as well as another clause mentioned under caption "Step: XI - Actions to be taken by the Resolution Applicant - (4)" of the Resolution Plan holding the suspended directors viz., "Mr. Sivaramakrishnan and Mr. T.K. Santhosh should take the responsibility to get the Power of Attorney registered in favour of both new Builder/Contractor & Representatives of homebuyers once the settlement of ₹ 85 lakh is made to Mr. Mukesh Jain (the current Power Agent)", the RP being the representative of the Corporate Debtor, the RP is entitled to execute the documents on behalf of the Corporate Debtor instead of asking the suspended directors who are no more representing the Corporate Debtor. The exemptions if any sought in violation of any law in force, it is hereby clarified that such exemptions shall be construed as not granted. In view of the same, this plan is hereby approved - Application allowed.
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