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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Resolution Plan Approval Process under Regulation 38: Key Steps and Protections for Professionals in Fast Track Insolvency.</h1> Regulation 38 under the Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017, outlines the process for approving a resolution plan. A resolution applicant must submit the plan to the resolution professional, who then presents compliant plans to the committee, highlighting any preferential, undervalued, extortionate, or fraudulent transactions. The committee can approve plans with modifications and must specify payable amounts. The resolution professional submits the approved plan to the Adjudicating Authority before the deadline, ensuring compliance with the Code. Approved plans override any required member consent, and no proceedings are initiated against professionals for actions prior to the process commencement.
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