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of <h1>Resolution Plan Under Section 30 IBC Requires 66% Creditor Approval for Insolvency Resolution, Emphasizing CoC's Role</h1> The resolution plan under Section 30 of the Insolvency and Bankruptcy Code (IBC) involves a proposal by a resolution applicant for the insolvency resolution of a corporate debtor. It must be approved by at least 66% of the voting share of financial creditors before submission to the Adjudicating Authority. The resolution professional evaluates submitted plans for compliance, ensuring they cover costs, debts, management, and legal adherence. The Committee of Creditors (CoC) assesses the plan's feasibility and viability. If approved, the plan is submitted to the Adjudicating Authority. Key case laws highlight the CoC's primary role in assessing the plan's viability and commercial wisdom.
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