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of <h1>Section 54K: Pre-Packaged Insolvency Resolution Plans Need Two-Thirds Approval from Creditors' Committee for Adjudicating Authority Submission.</h1> Section 54K of the Insolvency and Bankruptcy Code, 2016 outlines the process for consideration and approval of a resolution plan in a pre-packaged insolvency resolution process. The corporate debtor must submit a base resolution plan to the resolution professional, who presents it to the committee of creditors. The committee can approve, request revisions, or invite other applicants if the plan impairs operational creditors' claims. Resolution plans must meet specific criteria, and the committee selects the most favorable plan for approval by a two-thirds majority. The approved plan is then submitted to the Adjudicating Authority, with provisions for potential termination if approval is not granted.
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