2019 (9) TMI 1487

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....hort, 'the I&B Code'), pursuant to which 'Corporate Insolvency Resolution Process' was initiated against 'Beans and More Hospitality Pvt. Limited (Corporate Debtor). In the said case, the 'resolution plan' was submitted by one Mr. Abhay Jain, 'Promoter', was considered by the 'Committee of Creditors' in its meeting on 12th November, 2018 by voting of 74.19% of voting share discussing all aspects of approved 'resolution plan'. The Adjudicating Authority taken into consideration all the facts and the plan being in consonance of section 30(2) of the 'I&B Code' approved the said plan by impugned order dated 19th July, 2019. Relevant portion of which reads as : "13. It is state....

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....rified by the RP thus under IBC Code no payment is due to them. Will be paid 50% if raised pending bill.   Total 87,74,08,318   87,74,08,318   14. It is also submitted that the Resolution Plan envisages the continuation of the Corporate Debtor as a "going concern" and previous management will run the company to make it viable so that society and other stakeholder will gain and keeping company as going concern and continuity of the company will contribute significantly to the society and government by putting the natural resources to best use and contributing significant direct and indirect employment and income generation opportunities in the region and will wait for the decision of the court and ac....

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....preferential transaction , an undervalued transaction or granted extortionate credit transaction or made fraudulent transaction etc. 5. Next, it was contended that the 'Corporate Debtor' is not a going concern. However a 'resolution plan' cannot be rejected on such ground if the resolution applicant can show the feasibility to run the company in future. The question of viability, feasibility and other conditions as prescribed by the 'Insolvency and Bankruptcy Board of India (for short, 'the Board) of a 'Corporate Debtor' can be looked into by the 'Committee of Creditors' which has experte in the financial field. Such issue of viability, feasibility and other conditions of the 'Corporate Debtor&....