Parveen Bansal and Amit Spinning Industries Ltd., In re

INSOLVENCY AND BANKRUPTCY CODE, 2016

--Submission of resolution plan--Application for submission and approval of resolution planUnanimous approval by Committee of Creditors --Compliance of all statutory provisions--Where the resolution plan was unanimously approved by the CoC and the resolution plan was in accordance with section 30(2) and section 31 and that the resolution applicant was not disqualified under section 29A and as no infirmity was found in the resolution plan, therefore, the resolution plan was to be approved.--Corporate debtor filed an application under section 10 for initiation of CIRP against itself and the same was admitted by Adjudicating Authority and Resolution Professional (RP) was appointed. Corporate debtor and RP filed an application for submission of resolution plan under section 30(6) and for approval under section 31(1) on the ground that the resolution plan submitted by RP was approved by Committee of Creditors (CoC) unanimously and no objections were received from any stakeholders for approval of the resolution plan. Held: Resolution plan had been unanimously approved by the CoC and had been submitted in compliance of section 30 for approval. RP confirmed that the resolution plan was compliant to sub-clauses (a) to (f) of section 30(2) and also complied Regulation 38 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. Further, there was no objection from any stakeholder in respect of approval of the resolution plan and the resolution applicant was not disqualified under section 29A of the Code and that there was no infirmity in the resolution plan. Hence, the resolution plan was approved under section 31(1) of the Code.