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2023 (10) TMI 892 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , CHENNAICorrectness of approved Resolution Plan - only 16% of the Dues of the Contractors / Operational Creditors has been allowed in the said Resolution Plan - violation of Section 30(2) of the Insolvency and Bankruptcy Code, 2016 - HELD THAT:- This Tribunal while dealing with the batch of Appeals filed by the Employees of the Corporate Debtor Company in MRS. C.G. VIJYALAKSHMI VERSUS SHRI KUMAR RAJAN, RESOLUTION PROFESSIONAL, HINDUSTAN NEWSPRINT LIMITED, (CORPORATE DEBTOR) , COMMITTEE OF CREDITORS OF THE CORPORATE DEBTOR THROUGH RBL BANK LTD., RESOLUTION APPLICANT [2023 (3) TMI 18 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , CHENNAI], challenging the very same Resolution Plan and the Order of the Adjudicating Authority, dated 29.01.2021, has allowed the Appeals in Part - it is specifically observed that this Tribunal, did not find any material irregularity in the Approval of the Resolution Plan, except for directing the Successful Resolution Applicant to make payment of the unpaid Provident Fund and Gratuity Fund and pending dues to the Employees, till the date of Corporate Insolvency Resolution Process, after deducting the amounts already paid. Regarding the rest of the allegations raised by the Appellants, this `Tribunal’, did not find any evidence to support their contentions. As the Resolution Plan has already been implemented way back in the year 2021, specifically keeping in view that this Tribunal has confirmed the Approval of the Resolution Plan by the Adjudicating Authority, except for payment of unpaid Provident Fund and Gratuity Fund, this Tribunal does not find any merit in these Appeals. Appeal dismissed.
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