Resolution plan approval under insolvency law upheld after compliance with statutory requirements, creditor approval, and implementation safeguards.

The resolution plan was examined under Section 30(2) of the Insolvency and Bankruptcy Code, 2016 and the applicable CIRP Regulations, and was found compliant. The resolution applicant was eligible, not a related party, and had furnished the required performance guarantee. The committee of creditors approved the revised plan unanimously. The Adjudicating Authority recorded that the plan provided for resolution process costs, implementation machinery, and treatment of stakeholders, and was capable of successful implementation. Approval also carried the usual consequences, including cessation of moratorium, transmission of records to the insolvency regulator, and limited reliefs and concessions within the Authority's competence.

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Issues: Whether the resolution plan satisfied the statutory requirements for approval and could be sanctioned with the attendant reliefs and consequences.

Analysis: The resolution applicant was found eligible, not a related party, and had furnished the required performance guarantee. The committee of creditors approved the revised plan with full voting support. The plan was examined against the requirements of Section 30(2) of the Insolvency and Bankruptcy Code, 2016 and the applicable CIRP Regulations, and was found compliant. The plan also provided for resolution process costs, implementation machinery, and treatment of stakeholders, and the Adjudicating Authority recorded satisfaction that it was capable of successful implementation. The order further directed the consequences flowing from approval, including cessation of moratorium, transmission of records to the insolvency regulator, and limited reliefs and concessions within the Authority's competence.

Conclusion: The resolution plan was approved and the application was allowed.

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