Resolution plan approval and termination procedure under pre-packaged insolvency process for applications, notice, and claimant intimation. Where a resolution plan is approved by the committee, the resolution professional must submit an application to the Adjudicating Authority for approval together with the prescribed compliance certificate. The resolution professional must send the order approving or rejecting the plan to the participants and the resolution applicant, and within seven days of approval must intimate each claimant of the principle or formula for payment of debts under the plan. If no plan is approved, or the committee approves termination, the resolution professional must apply for termination of the process in the notified format.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Resolution plan approval and termination procedure under pre-packaged insolvency process for applications, notice, and claimant intimation.
Where a resolution plan is approved by the committee, the resolution professional must submit an application to the Adjudicating Authority for approval together with the prescribed compliance certificate. The resolution professional must send the order approving or rejecting the plan to the participants and the resolution applicant, and within seven days of approval must intimate each claimant of the principle or formula for payment of debts under the plan. If no plan is approved, or the committee approves termination, the resolution professional must apply for termination of the process in the notified format.
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