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Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Fourth Amendment) Regulations, 2020. - IBBI/2020-21/GN/REG064 - Insolvency and Bankruptcy
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Resolution plan voting rules: highest vote plan approved if meeting requisite votes, with tie breaker and re vote mechanisms. Amendments direct that insolvency professionals be chosen with regard to the State or Union Territory having the highest number of creditors in the class, allow nearby State professionals where local capacity is lacking, require authorised representatives to circulate agendas and solicit preliminary views with a minimum twelve hour submission window opening at least twenty four hours after solicitation (not to be treated as voting instructions), and rework committee procedures: evaluate plans per the evaluation matrix, record deliberations, vote simultaneously, approve a single plan on requisite votes, approve the highest vote plan among multiple plans if it meets requisite votes, apply a pre announced tie breaker for equal votes, and re vote on the highest vote plan if none meet the requisite threshold subject to Code timelines.
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 voting rules: highest vote plan approved if meeting requisite votes, with tie breaker and re vote mechanisms.
Amendments direct that insolvency professionals be chosen with regard to the State or Union Territory having the highest number of creditors in the class, allow nearby State professionals where local capacity is lacking, require authorised representatives to circulate agendas and solicit preliminary views with a minimum twelve hour submission window opening at least twenty four hours after solicitation (not to be treated as voting instructions), and rework committee procedures: evaluate plans per the evaluation matrix, record deliberations, vote simultaneously, approve a single plan on requisite votes, approve the highest vote plan among multiple plans if it meets requisite votes, apply a pre announced tie breaker for equal votes, and re vote on the highest vote plan if none meet the requisite threshold subject to Code timelines.
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