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of <h1>Resolution Plan Approval Process Under Section 54K: Key Steps in Fast Track Corporate Insolvency Resolution Process Explained</h1> The process for consideration and approval of a resolution plan under Section 54K involves several steps within the Fast Track Corporate Insolvency Resolution Process. Initially, the corporate debtor submits a base resolution plan to the resolution professional, who presents it to the committee of creditors. The committee may allow revisions or invite other resolution applicants if the base plan is not approved or impairs claims. The selected resolution plan, requiring approval by at least 66% of voting shares, is submitted to the Adjudicating Authority. If no plan is approved within 90 days, the process may be terminated. The Board has the authority to make regulations to support these procedures.
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