Case Law Details
Beacon Trusteeship Limited Vs Radius Estates and Developers Private Limited (NCLT Mumbai)
NCLT Mumbai approved the resolution plan submitted by the resolution applicant Adani Goodhomes Private Limited as the plan was in accord with the Code and the application regulations framed thereunder.
Facts- This is an Application filed u/s. 30(6) (hereinafter referred to as the ‘Code’) read with Regulation 39(4) Of The Insolvency And Bankruptcy Board Of India (‘Insolvency Resolution Process Of Corporate Persons’) Regulations, 2016 (‘CIRP Regulations’) by the Resolution Professional seeking approval of the Resolution Plan submitted by the Resolution Applicant, M/s. Adani Goodhomes Private Limited, which was approved by 83.93% voting share of the member of the Committee of Creditors (hereinafter referred to as ‘COC’).
Conclusion- We also note with approval the detailed Compliance Certificate dated 10.1.2022 of the RP in Form H (under Regulation 39(4) of the CIRP Regulations 2016) that has been placed on record in the captioned Application, the Certificate demonstrates that, the Plan is in accord with the Code and the applicable regulations framed thereunder.
The Interlocutory Application No. 573 of 2022 is allowed, subject to the observations and findings by this Bench in I.A. 1379 of 2022 and I.A 3411 of 2022. The Resolution Plan submitted by the RA, Adani Goodhomes Private Limited., is hereby approved. It shall become effective from the date of this Order and shall form part of this Order. It shall be binding on the RA, Corporate Debtor, its employees, members, creditors, including the Central Government, any State Government or any local authority to whom a debt in respect of payment of dues arising under any law for the time being in force is due.
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