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2020 (7) TMI 703 - Tri - Insolvency and BankruptcyApproval of Resolution Plan - section 31(1) of the Insolvency and Bankruptcy Code, 2016 - CIRP process - effective implementation of the plan - HELD THAT:- This Adjudicating Authority is of the opinion that the resolution plan as approved by the committee of creditors under sub-section (4) of section 30 of the Insolvency and Bankruptcy Code, 2016 meets the requirement as referred in section 30 of the Insolvency and Bankruptcy Code, 2016 sub-sections (1), (2), (2)(a), (2)(b), (2)(c), (2)(d), (2)(e), (2)(f), (3), (4), (5) and (6) and has provisions for its effective implementation. Hence, this Adjudicating Authority is hereby approved the resolution plan submitted by the resolution professional as approved by the CoC. This resolution plan is now binding on the corporate debtor and its employees, members, creditors, guarantors and other stakeholders involved in the resolution plan from today. The resolution plan is approved with such observations that the resolution applicant shall follow the provisions of section 31(4) of the Insolvency and Bankruptcy Code, 2016, to obtain necessary approval required under any law for the time being in force within the period one year from the date of approval of the resolution plan by this Adjudicating Authority under sub-section (1) of section 31 of the Insolvency and Bankruptcy Code - Moratorium shall cease to have effect.
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