Section 54K - Consideration and approval of resolution plan

Resolution plan procedure: base plan submission, creditor committee evaluation, competing plans invited if operational claims are impaired.

Section 54K requires the corporate debtor to submit a base resolution plan to the resolution professional who presents it to the committee of creditors; the committee may allow revisions, must ensure plans conform to section 30 requirements, and may approve the base plan only if it does not impair operational creditor claims. If not approved or if claims are impaired, the resolution professional must invite competing applicants who meet criteria set with committee approval; the committee evaluates and selects a plan, may require promoter dilution where claims are impaired or record reasons if it approves without dilution, and the approved plan is filed with the adjudicating authority.