TMI Blog2018 (7) TMI 2107X X X X Extracts X X X X X X X X Extracts X X X X ..... be managed. It is also stated as to what manner the plan will be implemented by the CRPS and the Resolution Applicant. I also find that the plan does not contravene any provision of law. The plan has been approved by the COC by 100% voting shares. There are no infirmity in this plan. The Resolution Professional has certified that the plan meets all requirements of the Code and the Regulations as contemplated in the Regulation 37(4). The resolution plan of Liberty I-louse Group Pte Ltd. as approved by the COC under sub-section (4) of ection 30 of I B Code meets all requirements as stated under sub-section of section 30 of I B Code - Resolution Plan approved. - Company Petition (IB) No. 372/KB/2017 - - - Dated:- 10-7-2018 - Shri M.B ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uthority for 90 days vide order of this Tribunal dated 1 1.01 .2018, as per their application filed by the Resolution Professional in concurrence with the Committee of Creditors (COC, in short), During; the course of CIRP, the Resolution Professional held in total 16 meetings of the COC. He put for consideration of the COC all resolution plans submitted by the Resolution Applicants. 4. In pursuant to the first public announcement on 12.01 .2018, one M/S. Edelweiss Assets Reconstruction Ltd. had submitted the Resolution Plan. That plan was placed for consideration of the COC in the meeting dated 15.02.2018. However, the COC unanimously decided to annul that process as they were not satisfied by the only Resolution Plan that was received. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on merit (CA No.407/KB/2018) and allowed the RP to exclude period of 20 days. By separate order dated 15.06.2018, this Adjudicating Authority also directed the RP to conclude CIRP within 20 days and on or before 06.07.2018. Similar application for extension of CIRP period was also filed by Workmen Unions of the Corporate Debtor. That application CA(IB) No.421/KB/2018) was also disposed of by the above order. 7. Meantime, erstwhile Resolution Applicant, M/S. Edelweiss Assets Reconstruction Ltd. filed one more application before this authority (CA No.420/KB/2018) requesting therein to direct the RP to place before the COC their earlier plan for consideration. I have rejected that application by passing separate order today itself holding ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... subject to provision of section 53 of I B code. In Schedule 2 of Part IV of the plan, the details are given as to how the affairs of the Corporate Debtor would be managed. It is also stated as to what manner the plan will be implemented by the CRPS and the Resolution Applicant. I also find that the plan does not contravene any provision of law. The plan has been approved by the COC by 100% voting shares. I do not find any infirmity in this plan. The Resolution Professional has certified that the plan meets all requirements of the Code and the Regulations as contemplated in the Regulation 37(4). 12. After going through the plan and having heard the Resolution Professional in person, I am satisfied that the resolution plan of Liberty I-lou ..... X X X X Extracts X X X X X X X X Extracts X X X X
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