Resolution plan approval requires committee endorsement and certified submission to adjudicating authority ensuring enforceability and professional protections. Resolution applicants must submit plans to the resolution professional and the resolution professional must present compliant plans and details of preferential, undervalued, extortionate credit and fraudulent transactions to the committee. The committee may approve plans with modifications and must specify payable amounts for certain purposes. The resolution professional must file the committee-approved plan with the Adjudicating Authority with certification of compliance and approval; the Adjudicating Authority's order must be communicated to participants and the resolution applicant.
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Provisions expressly mentioned in the judgment/order text.
Resolution plan approval requires committee endorsement and certified submission to adjudicating authority ensuring enforceability and professional protections.
Resolution applicants must submit plans to the resolution professional and the resolution professional must present compliant plans and details of preferential, undervalued, extortionate credit and fraudulent transactions to the committee. The committee may approve plans with modifications and must specify payable amounts for certain purposes. The resolution professional must file the committee-approved plan with the Adjudicating Authority with certification of compliance and approval; the Adjudicating Authority's order must be communicated to participants and the resolution applicant.
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