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TMI Blog2018 (5) TMI 1920X X X X Extracts X X X X X X X X Extracts X X X X ..... lution Plan with the following observations: 8. On perusal of this Resolution Plan, this Bench being satisfied Company Appeal (AT) (Insolvency) No. 327 & 328 of 2017 with the valuation ascertained by the Registered Valuer appointed by the Insolvency Resolution professional in respect of the properties of the Corporate Debtor for all valuations are contemporaneous with the sale transactions happening in the vicinity where the Corporate Debtor is located, whereby this Bench hereby approved the Resolution Plan filed by the Insolvency Resolution professional. 9. Accordingly, MA No. 349/2017 is hereby allowed by vacating the moratorium already granted at the time of the admission of the Company Petition 23/2017 and extension given on 23.8.20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the following plea has been taken by the respondent: I say that the Resolution Plan, which was approved by the Honble National Company Law Tribunal (Adjudicating Authority) vide an order dated September 29, 2017, inter alia, provides for the settlement of the dues of the operational creditors of Respondent No. 1. I further state that despite the non-receipt of the Appellants claim before the approval of the resolution plan by the committee of creditors (CoC) of the Corporate Debtor, i.e. the maximum time stipulated under regulation 12 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations), the dues of the Appellant were taken into account by the Respondent C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2/the Resolution Professional from the books of accounts of the Corporate Debtor. I state that as per the books of accounts of the Corporate Debtor, the contingent liability of the Respondent No. 1 towards the Appellant is Rs. 67,76,000/-. 5. I stay that the Resolution Plan inter alia provides for Contingent Operational Dues/Operational Dues which are the subject matter of litigation. The Resolution Plan takes note that the Respondent No. 1 has disputed certain claims made against it, in respect of which legal proceedings have been initiated against the Respondent No. 1. It further notes that the Respondent No. 1 may incur liability subject to the outcome of the legal proceedings. It ought to be noted that several proceedings are pending ..... X X X X Extracts X X X X X X X X Extracts X X X X
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