TaxTMI 
TaxTMI 
Resolution plan [ Section 30 ]
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....tion Plan to RP [ Section 30(1) ] * A resolution applicant may submit a resolution plan along with an affidavit stating that he is eligible under section 29A to the resolution professional prepared on the basis of the information memorandum. * As per regulation 39(1) of the CIRP Regulations, a PRA in the Final List may submit resolution plan or plans prepared in accordance with the IBC and CIRP Regulations to the RP electronically within the time given in the RFRP along with section 29A affidavit as well as an undertaking that every information 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....
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....provides for the payment of insolvency resolution process costs in a manner specified by the Board in priority to the payment of other debts of the corporate debtor; * (b) provides for the payment of debts of operational creditors in such manner as may be specified by the Board which shall not be less than- * (i) the amount to be paid to such creditors in the event of a liquidation of the corporate debtor under section 53; or * (ii) the amount that would have been paid to such creditors, if the amount to be distributed under the resolution plan had been distributed in accordance with the order of priority in section 53(1), * whichever is higher, and provides for the payment of debts of financial creditors, who do not vote in favour ....
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....e Companies Act, 2013 or any other law for the time being in force for the implementation of actions under the resolution plan, such approval shall be deemed to have been given and it shall not be a contravention of that Act or law. * (f) conforms to such other requirements as may be specified by the Board. Present of resolution plans by Resolution professional for approval [ Section 30(3) ] * The resolution professional shall present to the committee of creditors for its approval such resolution plans which confirm the conditions referred to in section 30(2). Approval by CoC [ Section 30(4) ] * The committee of creditors may approve a resolution plan by a vote of not less than 66%. of voting share of the financial creditors, after ....
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.... submitted resolution plan as on the date of commencement of the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018 (ord. 6 of 2018). resolution applicant attend the meeting of the committee of creditors [ Section 30(5) ] * The resolution applicant may attend the meeting of the committee of creditors in which the resolution plan of the applicant is considered: * Provided that the resolution applicant shall not have a right to vote at the meeting of the committee of creditors unless such resolution applicant is also a financial creditor. Submission of Resolution Plan & its Approval by the Adjudicating authority[ Section 30(6) ] * The resolution professional shall submit the resolution plan as approved by the committee of cred....
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....on plan does or does not contravene the provisions of law. It is the CoC which will approve or disapprove a resolution plan, given the statutory parameters of section 30. * Chitra Sharma and Ors. Vs. Union of India and Ors. [ 2018 (8) TMI 661 - SC ] Dated 09.08.2018 * The Supreme Court held that primacy is given in the process to commercial decisions. The success of the process is contingent upon the competence of the IRP and the CoC. * Swiss Ribbons Pvt. Ltd. & Anr. Vs. Union of India & Ors. [ 2019 (1) TMI 1508 - SC ] Dated 25.01.2019 * The Supreme Court held that the CoC has the primary responsibility of financial restructuring. They are required to assess theviability of a CD by taking into account all available information as we....