Resolution plan defects and creditor notice framework expanded under amended insolvency section 54L. Amendment of section 54L expands the references in sub-section (2) to include additional sub-sections, namely (4), (5) and (6). It inserts a proviso in sub-section (3) allowing the Adjudicating Authority, before rejecting a resolution plan, to give notice to the committee of creditors to rectify defects in the resolution plan. It also widens clause (b) of sub-section (4) to include sub-clauses (iv) and (v).
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Resolution plan defects and creditor notice framework expanded under amended insolvency section 54L.
Amendment of section 54L expands the references in sub-section (2) to include additional sub-sections, namely (4), (5) and (6). It inserts a proviso in sub-section (3) allowing the Adjudicating Authority, before rejecting a resolution plan, to give notice to the committee of creditors to rectify defects in the resolution plan. It also widens clause (b) of sub-section (4) to include sub-clauses (iv) and (v).
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