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2020 (6) TMI 256 - NATIONAL COMPANY LAW TRIBUNAL GUWAHATI BENCHFinal approval of Resolution Plan - applicant prayed for an urgent hearing because the 180 days CIRP period has already expired on 24/02/2020 and the extended period of 90 days will expire soon on 24/05/2020 - HELD THAT:- he assets of the Corporate Debtor are going to rest in a safer hand who is engaged in the very same kind of business as the Corporate Debtor. The RP Mr. Amit Pareek deserves special appreciation for finding out a resolution applicant whose plan has been approved by the CoC by 100% vote share even in these difficult time of pandemic due to COVID-19. All the provisions of mandatory requirements are seen complied by the resolution applicant as per Form H submitted by the RP. It provides provision for the payment of insolvency resolution process, payment of the debts of operational creditors, management of the affairs of the Corporate Debtor, and provides provision for implementation and supervision of the resolution plan. This is a case in which the CoC has judiciously distributed the financial bids to the stakeholders according to their entitlements. There is nothing in the plan, so as to disapprove it. The CoC has very well deliberated with the two plans and decided the viability, feasibility and financial matrix of each plans and approved one with 100% vote shares of the members of the CoC. Resolution Plan approved.
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