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NATIONAL COMPANY LAW TRIBUNAL
Mukesh Verma VS
ORDER
Per: Prabhat Kumar, Member (Technical)
1. The Bench is convened by videoconference today.
2. This Application under Section 30(6), 31 and 60(5) of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the Code) seeks the approval of the Resolution Plan submitted by the Successful Resolution Applicant.
2.1 The Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor was initiated by this Bench by an order dated 25.05.2020 under section 7 of the Insolvency and Bankruptcy Code 2016 (hereinafter referred to as ‘the Code’) (Admission Order) and Mr. Mukesh Verma, was appointed as Interim Resolution Professional, who was appointed as Resolution Professional (RP) of the Corporate Debtor vide resolution passed by CoC in its 2nd meeting held on 11.07.2020.
2.2 It is submitted that the period of CIRP was extended by 90 days upto 20.02.2021 vide order dated 25.01.2021. It was further extended vide order dated 01.03.2021 for a period of 158 days wherein the period from 26.05.2020 to 30.10.2020 was
Resolution plans approved by creditors must comply with legal requirements under the Code to ensure valid debt management and corporate recovery.
The approval of a Resolution Plan under the Insolvency and Bankruptcy Code is binding on all stakeholders, contingent on compliance with statutory obligations and financial guidelines, ensuring the v....
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