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2020 (4) TMI 313 - Tri - Insolvency and BankruptcyApproval of Resolution Plan - extension of CIRP period for the Corporate Debtor - third proviso of section 12(3) of the I&B Code - "Effective Date" as the date of approval of this Resolution Plan - HELD THAT:- On perusal of the Resolution Plan, we find that the resolution plan has necessary provisions for its effective implementation - The resolution applicant shall obtain the necessary approval required under any law for the time being in force within one year from the date of this order or within such period as provided for in such law, whichever is later. The resolution plan is approved with modifications, as mentioned above, which shall be binding on the corporate Debtor and its employees, members, creditors, guarantors, Resolution Applicant and other stakeholders involved in the resolution plan - The resolution professional shall forward all records relating to the conduct of the corporate insolvency resolution process and the resolution plan to the IBBI to be recorded on its database. Application allowed.
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