Corporate insolvency resolution plan approved after finding compliance, feasibility, viability, and eligibility under the insolvency framework.

A corporate insolvency resolution plan was approved after the committee of creditors unanimously accepted it and the adjudicating authority found it compliant with the Insolvency and Bankruptcy Code, 2016 and the applicable regulations. The plan provided for insolvency resolution process costs, treatment of financial and operational creditors, funding sources, implementation timelines and monitoring mechanisms. The Resolution Professional and authority also recorded that the successful resolution applicant was not ineligible under Section 29A, and that the plan was feasible, viable, protected stakeholder interests, and satisfied Sections 30 and 31 together with Regulations 37 and 38 of the CIRP Regulations.

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Issues: Whether the Resolution Plan submitted in the corporate insolvency resolution process satisfied the requirements of the Insolvency and Bankruptcy Code, 2016 and the relevant regulations so as to merit approval.

Analysis: The Resolution Plan was placed before the committee of creditors after due consideration and was approved unanimously. The plan was found to provide for payment of insolvency resolution process costs, treatment of financial and operational creditors, source of funds, implementation schedule, and monitoring mechanisms. The Resolution Professional and the adjudicating authority recorded that the successful resolution applicant was not ineligible under Section 29A and that the plan was feasible, viable, and compliant with the applicable statutory framework. The authority also noted that the plan protected the interests of stakeholders and conformed to Sections 30 and 31 of the Insolvency and Bankruptcy Code, 2016 as well as Regulations 37 and 38 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.

Conclusion: The Resolution Plan was approved and accepted as being in conformity with the Insolvency and Bankruptcy Code, 2016 and the relevant regulations.

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