Regulation 39 - Approval of resolution plan.

Resolution plan approval: committee evaluation and voting determine the highest compliant plan to be filed for adjudicatory approval.

Regulation 39 prescribes that final-list prospective applicants must submit resolution plans with an affidavit of eligibility under section 29A and truthfulness undertaking; the resolution professional may allow one modification or use a challenge mechanism. The professional submits all plans plus details of any preferential, undervalued, extortionate credit or fraudulent transactions to the committee. The committee evaluates plans per an evaluation matrix, records feasibility and viability deliberations, votes simultaneously, and approves the highest compliant plan meeting requisite votes, applying a pre-announced tie-breaker if needed. The approved plan is filed with the adjudicating authority with compliance certification and performance security evidence, and implementation provisions bind despite absent third-party consents.