Resolution plan submission requires application and compliance certificate to adjudicating authority, followed by prompt party intimation. Where a committee approves a resolution plan, the resolution professional shall submit an application with a compliance certificate in Form P12 to the Adjudicating Authority, send the Adjudicating Authority's order approving or rejecting the plan to participants and the resolution applicant, and, within seven days of approval, intimate each claimant of the principle or formula for payment; if no plan is approved or the committee approves termination, the resolution professional shall file Form P13 to seek termination of the process.
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Provisions expressly mentioned in the judgment/order text.
Resolution plan submission requires application and compliance certificate to adjudicating authority, followed by prompt party intimation.
Where a committee approves a resolution plan, the resolution professional shall submit an application with a compliance certificate in Form P12 to the Adjudicating Authority, send the Adjudicating Authority's order approving or rejecting the plan to participants and the resolution applicant, and, within seven days of approval, intimate each claimant of the principle or formula for payment; if no plan is approved or the committee approves termination, the resolution professional shall file Form P13 to seek termination of the process.
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