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of <h1>Section 30 of Insolvency Code: Resolution Plans Need 66% Creditor Approval, Legal Compliance, and Affidavit of Eligibility</h1> Section 30 of the Insolvency and Bankruptcy Code, 2016, outlines the submission and evaluation of resolution plans during the Corporate Insolvency Resolution Process. A resolution applicant can submit a plan with an affidavit of eligibility. The resolution professional examines the plan to ensure it covers insolvency costs, operational and financial creditor payments, management, implementation, and legal compliance. The plan must be approved by at least 66% of the creditors' committee. The applicant can attend creditor meetings but cannot vote unless they are a financial creditor. Approved plans are submitted to the Adjudicating Authority.
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