A Resolution Plan which does not contain Clause (ba) of Regulation 37 of CIRP Regulations, 2016 regarding restructuring of the Corporate Debtor cannot be said to violate any provisions of law – Yogeshkumar Jashwantilal Thakkar and Anr. Vs. George Samuel, RP of Jason Dekor Pvt. Ltd. and Ors. – NCLAT New Delhi
Clause (ba) of Regulation 37 of CIRP Regulations, 2016 in the Plan is required to be put if it is necessary, thus it cannot be said that Resolution Plan which does not contain any Plan pertaining to Regulation 37(ba) violates any provisions of law. The use of expression “as may be necessary” clearly indicates the intent of the statutory requirement. The Clause pertaining to restructuring of the Corporate Debtor is required to be put when it is necessary for insolvency resolution of the Corporate Debtor, hence a Plan which does not contain such Clause regarding restructuring of the Corporate Debtor cannot be said to violate any provisions of law.