TaxTMI 
TaxTMI 
Approval of resolution plan.
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....on and records provided in connection with or in the resolution plan is true and correct and discovery of false information and record at any time will render the applicant ineligible to continue in the corporate insolvency resolution process, forfeit any refundable deposit, and attract penal action under the Code. ^15[(1A) The resolution professional may, if envisaged in the request for resolution plan- (a) allow modification of the resolution plan received under sub-regulation (1), but not more than once; or (b) use a challenge mechanism to enable resolution applicants to improve their plans. (1B) The committee shall not consider any resolution plan- (a) received after the time as specified by the committe....
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....] (c) vote on all such resolution plans simultaneously. (3A) Where only one resolution plan is put to vote, it shall be considered approved if it receives requisite votes. (3B) Where two or more resolution plans are put to vote simultaneously, the resolution plan, which receives the highest votes, but not less than requisite votes, shall be considered as approved: Provided that where two or more resolution plans receive equal votes, but not less than requisite votes, the committee shall approve any one of them, as per the tie-breaker formula announced before voting: Provided further that where none of the resolution plans receives requisite votes, the committee shall again vote on the resolution plan that received the h....
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.... 36B].] (5) The resolution professional shall forthwith send a copy of the order of the Adjudicating Authority approving or rejecting a resolution plan to the participants and the resolution applicant. ^14[(5A) The resolution professional shall, within fifteen days of the order of the Adjudicating Authority approving a resolution plan, intimate each claimant, the principle or formulae, as the case may be, for payment of debts under such resolution plan: Provided that this sub-regulation shall apply to every corporate insolvency resolution process ongoing and commencing on or after the date of commencement of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Fifth Amendment) Regulati....
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....ays before expiry of the maximum period permitted under section 12 for the completion of the corporate insolvency resolution process." 2. Substituted vide Notification No. IBBI/2017-18/GN/REG019. Dated 07-11-2017, before it was read as, "(2) The resolution professional shall present all resolution plans that meet the requirements of the Code and these Regulations to the committee for its consideration." 3. Inserted vide No. IBBI/2017-18/GN/REG024 - Dated 06-02-2018 4. Substituted vide No. IBBI/2017-18/GN/REG024 - Dated 06-02-2018, before it was read as, "(4) The resolution professional shall submit the resolution plan approved by the committee to the Adjudicating Authority with the certificati....
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....nsolvency resolution process which has completed 130th day from its commencement date.]" 8. Omitted vide Notification No. IBBI/2018-19/GN/REG032 dated 05-10-2018 before it was read as, "(b) an undertaking that it will provide for additional funds to the extent required for the purposes under sub-regulation (1) of regulation 38; and" 9. Omitted vide Notification No. IBBI/2018-19/GN/REG032 dated 05-10-2018 before it was read as, ^"3[(3A) The committee shall, while approving the resolution plan under sub-section (4) of section (30), specify the amounts payable from resources under the resolution plan for the purposes under sub-regulation (1) of regulation 38.]" 10. Substituted vide Notification N....