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NCLT approves resolution plan of applicant carrying on business in same line as that of corporate debtor

December 3, 2019[2019] 112 22 (NCLT - Ahd.)

IBC: Where in course of corporate insolvency resolution process, plan submitted by resolution applicant was accepted by CoC with 67.08 per cent votes, in view of fact that said applicant was in same line of business as of corporate debtor and, moreover, they had adequate net worth and accordingly, commitment made by them could be fulfilled without any hesitation, plan submitted by them was to be accepted
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