Resolution applicant eligibility now depends on creditor-approved criteria, business complexity, and Board-specified conditions. Section 25(2)(h) is amended so that the resolution professional may invite prospective resolution applicants only if they meet criteria laid down with the ... Summary
Resolution applicant eligibility now depends on creditor-approved criteria, business complexity, and Board-specified conditions.
Section 25(2)(h) is amended so that the resolution professional may invite prospective resolution applicants only if they meet criteria laid down with the approval of the committee of creditors. Those criteria must take into account the complexity and scale of the corporate debtor's business and any other conditions specified by the Board. The amendment regulates eligibility for participation in the resolution process and the invitation to submit resolution plans.
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