Resolution applicant definition clarified under insolvency law, with consistent terminology for submitting resolution plans. The Insolvency and Bankruptcy Code (Amendment) Act, 2018 revises the definition of resolution applicant in section 5 of the principal Act. The substituted ... Summary
Resolution applicant definition clarified under insolvency law, with consistent terminology for submitting resolution plans.
The Insolvency and Bankruptcy Code (Amendment) Act, 2018 revises the definition of resolution applicant in section 5 of the principal Act. The substituted definition states that a resolution applicant is a person, acting individually or jointly with others, who submits a resolution plan to the resolution professional pursuant to an invitation issued under section 25(2)(h). The amendment also makes a consequential textual change by replacing the words "any person" with "resolution applicant" in clause (26).
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