https://www.taxtmi.com/acts?id=39834 Section 54K requires the corporate debtor to submit a base resolution plan to the resolution professional who presents it to the committee of creditors; the committee may allow revisions, must ensure plans conform to section 30 requirements, and may approve the base plan only if it does not impair operational creditor claims. If not approved or if claims are impaired, the resolution professional must invite competing applicants who meet criteria set with committee approval; the committee evaluates and selects a plan, may require promoter dilution where claims are impaired or record reasons if it approves without dilution, and the approved plan is filed with the adjudicating authority. en-us Wed, 07 Apr 2021 11:23:53 +0530 Fri, 13 Aug 2021 14:52:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=39834 Section 54K requires the corporate debtor to submit a base resolution plan to the resolution professional who presents it to the committee of creditors; the committee may allow revisions, must ensure plans conform to section 30 requirements, and may approve the base plan only if it does not impair operational creditor claims. If not approved or if claims are impaired, the resolution professional must invite competing applicants who meet criteria set with committee approval; the committee evaluates and selects a plan, may require promoter dilution where claims are impaired or record reasons if it approves without dilution, and the approved plan is filed with the adjudicating authority. Act-Rules IBC Wed, 07 Apr 2021 11:23:53 +0530 https://www.taxtmi.com/acts?id=39834