Pre-pack resolution plan submission and committee approval govern selection, evaluation and submission to the adjudicating authority. The corporate debtor must submit a base resolution plan within two days of the pre-packaged commencement date; the resolution professional presents it to the committee of creditors, which may allow revisions or, if the base plan is unapproved or impairs operational creditor claims, invite competing resolution applicants. Plans must conform to section 30 requirements. The committee evaluates and, by at least sixty-six percent of voting shares, may approve a plan for submission to the Adjudicating Authority after assessing feasibility, viability, distribution consistent with creditor priority and security interests; promoters may be required to dilute control where claims are impaired. The approved plan must be submitted to the Adjudicating Authority within ninety days.
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.
Pre-pack resolution plan submission and committee approval govern selection, evaluation and submission to the adjudicating authority.
The corporate debtor must submit a base resolution plan within two days of the pre-packaged commencement date; the resolution professional presents it to the committee of creditors, which may allow revisions or, if the base plan is unapproved or impairs operational creditor claims, invite competing resolution applicants. Plans must conform to section 30 requirements. The committee evaluates and, by at least sixty-six percent of voting shares, may approve a plan for submission to the Adjudicating Authority after assessing feasibility, viability, distribution consistent with creditor priority and security interests; promoters may be required to dilute control where claims are impaired. The approved plan must be submitted to the Adjudicating Authority within ninety days.
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