Introducing the “In Favour Of” filter in Case Laws.
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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Insolvency resolution plans: operational creditors paid first, dissenting lenders next; mandatory disclosures, monitoring, and avoidance-claim pursuit rules</h1> A resolution plan must prioritise distributions by requiring payment to operational creditors before financial creditors, and payment to dissenting voting financial creditors before assenting financial creditors, including at least pro rata priority at each stage where payments are staged. It must state how stakeholder interests are addressed and disclose any past failure by the applicant or related parties to implement an approved resolution plan, affecting evaluation of credibility. The plan must specify its term, implementation schedule, management and control arrangements, and supervision mechanisms, and must set out how avoidance and fraudulent or wrongful trading proceedings will be pursued and proceeds distributed, with transitional exemptions; it also restricts assignment of undisclosed/non-intimated avoidance claims. The plan must demonstrate feasibility, viability, and implementability, include beneficial-ownership disclosures and a section 32A eligibility affidavit, and enable monitoring through a committee and quarterly reporting to the Adjudicating Authority.
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