In the matter of Uma Goel,

Ld. Counsel for the applicant could draw our attention to the Resolution passed by the creditors in terms of the provision of Section 111 of IBC, 2016. Relevant excerpt of the resolution reads thus:-

Poonam/Vishal

Poonam/Vishal

Mr. Chorasia Ld. Counsel for the applicant could also draw our attention to the vote share of the creditors who voted in favour of the repayment plan and against it. The vote share in favour of the plan and against the plan as given by the Ld. Counsel for the applicant in para 56 of the application reads thus:

As can be seen from the provisions contained in Section 111 of IBC, 2016, a repayment plan may be approved by the creditors with 75% vote share. Section 111 of IBC, 2016, reads thus:-

In the present case, the 91.98% vote share has gone in favour of the repayment plan offered by the debtor/personal guarantor. Thus, the requirement of Section 111 of IBC, 2016 is satisfied.

Poonam/Vishal

With reference to the decision taken by the creditors in terms of the aforementioned resolution plan, the RP has made his recommendation in terms of the present application. The prayer contained in the application has already been reproduced here in above. Additionally, also in para 57 of the application, the Resolution Professional has ascertained that the creditors had decided to approve the resolution plan with 98% vote share. The recommendation based on the decision of CoC made by the RP is contained in the prayer clause (Supra) As can be seen from the provision of Section 114(1) of IBC, 2016, this Tribunal need to pass an order regarding the rejection/approval of the plan based on the decision taken by the creditors in terms of the provisions of Section 111 of IBC, 2016, based on which the RP makes his recommendation. Section 114(1) of code reads thus:-

Once the creditors have approved the repayment plan and the RP has made a recommendation for acceptance of the same, we have no option but to approve the repayment plan. Ordered accordingly. The RP is directed to take steps in terms of the provisions of Sections 116 and 117 of IBC, 2016. It goes without saying that in the event of non-satisfaction of the debt qua any of the creditors, he will be entitled to take steps in terms of the provision of Section 118 of the Code. On complete implementation of the repayment plan, the RP will file the application under Section 119 of IBC, 2016.

Poonam/Vishal

The RP is directed to make a copy of this order, made available to IBBI, all the creditors and the debtor. Subject to the aforementioned, the application stands disposed of.

/- Sd/-

-Sd/- -Sd/- (REENA SINHA PURI) (ASHOK KUMAR BHARDWAJ) MEMBER (T) MEMBER (J)

Poonam/Vishal