submission that after approval
of the plan by the CoC, the said Resolution Plan is binding on CoC and CoC
cannot be allowed to withdraw ... successful resolution applicant, once the
plan has been submitted to the adjudicating authority.
The submitted Resolution Plan is binding and
irrevocable as between
resolution plan is liable to be
mandatorily rejected.
(k) Section 31 of the IBC deals with the approval of the resolution plan which shall
bind ... inter se the CoC and the successful resolution
applicant. Thus, the ability of the resolution plan to bind those who have
not consented
Resolution Plan. Furthermore, a Resolution Plan, if in
compliance with the mandate of the IBC, cannot be rejected by
the Adjudicating Authority and becomes binding ... inter se the CoC and the
successful Resolution Applicant. Thus, the ability of the
Resolution Plan to bind those who have not consented
Resolution Applicant over
the Company pursuant to this Resolution Plan or on account of the measures
contemplate under this Resolution Plan, shall stand terminated ... submit a resolution plan to the resolution professional, which
is prepared on the basis of an information memorandum. This plan must provide
18
for payment
once the Resolution Plan is duly approved under
Section 31(1) by the Adjudicating Authority, claims as provided in the
Resolution Plan shall stand frozen ... Resolution Plan as approved by CoC meets the requirement of
Section 30(2) , it shall by order approve the Plan, which would then bind
resolution plan dated 16.10.2020
submitted by the successful resolution applicants and
has also approved the resolution plan. It is
contended that the said resolution plan ... easy reference:
Section 31 . Approval of resolution plan.
(1) If the Adjudicating Authority is satisfied that the
resolution plan as approved by the committee
Smc Power Generation Limited vs Odisha Industrial on 17 May, 2024
Author: D.Dash
Bench
perpetuity
upon approval of the Resolution Plan. In view of Section 31
of the Code, the Resolution Plan is binding to all
stakeholders, including ... resolution plan under
this subsection, satisfy that the resolution plan has
provisions for its effective implementation."
11.2 Further the Resolution Plan came
clear, that once the resolution plan is
approved by the Adjudicating Authority, after it is
satisfied, that the resolution plan as approved by CoC
meets ... clear, that once the resolution
plan is approved by the Adjudicating Authority, after it is
satisfied, that the resolution plan as approved by CoC
meets
clear, that once the resolution plan is
approved by the Adjudicating Authority, after it is
satisfied, that the resolution plan as approved by CoC
meets ... clear, that once the resolution
plan is approved by the Adjudicating Authority, after it is
satisfied, that the resolution plan as approved by CoC
meets
