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TMI Blog2019 (9) TMI 1487X X X X Extracts X X X X X X X X Extracts X X X X ..... thing on record to suggest that the 'Corporate Debtor' is an undischarged insolvent or wilful defaulter in accordance with the guidelines of the Reserve Bank of India issued under the Banking Regulations Act, 1949 or at the time of submission of 'resolution plan' has an account, classified as 'Non-Performing Asset' (NPA) in accordance with the guidelines of the Reserve Bank of India or that the 'Promotor' or its Directors or has been convicted for any offence punishable with imprisonment or is disqualified to act as a Director under the Companies Act, 2013 or was prohibited by 'Securities and Exchange Board of India' (SEBI) or made any preferential transaction , an undervalued transaction or granted e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aid case, the 'resolution plan' was submitted by one Mr. Abhay Jain, 'Promoter', was considered by the 'Committee of Creditors' in its meeting on 12th November, 2018 by voting of 74.19% of voting share discussing all aspects of approved 'resolution plan'. The Adjudicating Authority taken into consideration all the facts and the plan being in consonance of section 30(2) of the 'I B Code' approved the said plan by impugned order dated 19th July, 2019. Relevant portion of which reads as : 13. It is stated in the CA that the Resolution Plan envisages that the Financial Creditors are proposed to be paid against the full and final settlement of their entire financial/operational debt against the Corpora ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Despite no claims were submitted, RA proposes to make full payment of Govt. dues. 7. Government Dues NIL Dues if Any Government dues. No notice received if any amount pending it will be paid. 8. Operational Creditors NIL Amount Due Pending amount Although these claims were not submitted and verified by the RP thus under IBC Code no payment is due to them. Will be paid 50% if raised pending bill. Total 87,74,08,318 87,74,08,318 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er in accordance with the guidelines of the Reserve Bank of India issued under the Banking Regulations Act, 1949 or at the time of submission of 'resolution plan' has an account, classified as 'Non-Performing Asset' (NPA) in accordance with the guidelines of the Reserve Bank of India or that the 'Promotor' or its Directors or has been convicted for any offence punishable with imprisonment or is disqualified to act as a Director under the Companies Act, 2013 or was prohibited by 'Securities and Exchange Board of India' (SEBI) or made any preferential transaction , an undervalued transaction or granted extortionate credit transaction or made fraudulent transaction etc. 5. Next, it was contended that the ' ..... X X X X Extracts X X X X X X X X Extracts X X X X
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