Resolution plan submission under insolvency law requires eligibility, creditor protections, feasibility review, and approval by the committee of creditors. Submission of a resolution plan under the Insolvency and Bankruptcy Code permits a resolution applicant to place the plan before the resolution professional with an affidavit of eligibility under section 29A. The resolution professional must scrutinise the plan for priority payment of insolvency resolution process costs, minimum treatment of operational creditors, post-approval management, implementation and supervision arrangements, and compliance with law, subject to the deeming rule for shareholder approval. Only compliant plans may be submitted to the committee of creditors for approval by not less than sixty-six per cent of voting share, after considering feasibility, viability and distribution priorities.
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Provisions expressly mentioned in the judgment/order text.
Resolution plan submission under insolvency law requires eligibility, creditor protections, feasibility review, and approval by the committee of creditors.
Submission of a resolution plan under the Insolvency and Bankruptcy Code permits a resolution applicant to place the plan before the resolution professional with an affidavit of eligibility under section 29A. The resolution professional must scrutinise the plan for priority payment of insolvency resolution process costs, minimum treatment of operational creditors, post-approval management, implementation and supervision arrangements, and compliance with law, subject to the deeming rule for shareholder approval. Only compliant plans may be submitted to the committee of creditors for approval by not less than sixty-six per cent of voting share, after considering feasibility, viability and distribution priorities.
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