Resolution plan approval: creditors' commercial judgment governs feasibility and statutory compliance before authority submission. Resolution plans must be examined by the resolution professional for statutory conformity - including payment priority and distribution to insolvency costs, operational and dissenting financial creditors, management and implementation provisions, disclosure of avoidance transactions, and absence of contravention of law - and only compliant plans are to be placed before the committee of creditors for approval; approved plans with required compliance certification and performance security evidence are to be submitted to the adjudicating authority.
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: creditors' commercial judgment governs feasibility and statutory compliance before authority submission.
Resolution plans must be examined by the resolution professional for statutory conformity - including payment priority and distribution to insolvency costs, operational and dissenting financial creditors, management and implementation provisions, disclosure of avoidance transactions, and absence of contravention of law - and only compliant plans are to be placed before the committee of creditors for approval; approved plans with required compliance certification and performance security evidence are to be submitted to the adjudicating authority.
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