TMI Blog2019 (2) TMI 1700X X X X Extracts X X X X X X X X Extracts X X X X ..... 1 of the typed set filed with the Application. The Resolution Plan stands approved by the CoCs with 74.84% voting share. The Resolution Plan is hereby approved, which shall be binding on the Corporate Debtor and its employees, members, creditors, guarantors and other stakeholders involved in the Resolution Plan including Resolution Applicant. - MA/71/2019 In CP/682/IB/CB/2017 - - - Dated:- 1-2-2019 - CH. MOHD. SHARIEF TARIQ, MEMBER (JUDICIAL) For The Resolution Professional : Mr. Radhakrishnan Dharmarajan For The RP : Mr. A. Rengam, Counsel ORDER Per : CH. MOHD. SHARIEF TARIQ, MEMBER (JUDICIAL) 1. This relates to MA/71/2019 filed in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n Plan submitted by the Corporate Debtor was discussed in the 5th Meeting of CoCs held on 20.12.2018. However, as it required some more time to approve the Resolution Plan, the Resolution Professional was directed to file an Application for extension of the time period of the CIR Process. Accordingly, the Resolution Professional filed an Application under Section 12(2) of the I B Code, 2016 and this Authority had extended the time period of CIR Process on 04.01.2019. 6. It is averred that the Corporate Debtor has submitted an improved Resolution Plan, which has been placed in the 6th Meeting of CoCs held on 04.01.2019. In the said Meeting of CoCs, after deliberations, the Resolution Plan submitted by the Corporate Debtor was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6 Crores number of shares shall be reduced to 0.236 number of shares. 9. The Resolution Plan provides that upon its approval the Resolution Applicant shall have authority to re_constitute the Board of Director and the Board shall have the authority to act and execute in the name and on behalf of the Corporate Debtor all deeds, receipts, and other documents, as may be required. However, the Resolution Applicant shall be responsible for the proper implementation of the proposed Resolution Plan from the date of its approval. Further, the Resolution Plan provides that the Resolution Applicant will appoint a Chartered Accountant or a Resolution Professional qualified and registered under the IBBI as the supervisor ( supervisor ) f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Accordingly, the MoA and AoA shall be amended and filed with the RoC for information and record as prescribed. While approving the Resolution Plan , as mentioned above, it is clarified that the Resolution Applicant shall pursuant to the Resolution Plan approved under Sub-Section (1) of Section 31 of the I B Code, 2016, obtain all the necessary approval as may be required under any law for the time being in force within the period as provided for in such law. 13. The order of moratorium dated 16.07.2018 passed by this Adjudicating Authority under Section 14 of the I B Code, 2016 shall ceased to have effect from the date of passing of this Order. 14. The Resolution Professional shall forward all record relating ..... X X X X Extracts X X X X X X X X Extracts X X X X
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