TaxTMI 
TaxTMI 
Consideration and approval of resolution plan [ Section 54K ]
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....commencement date, and * the resolution professional shall present it to the committee of creditors. [ Section 54K(1) ] Provide opportunity to corporate debtor * (2) The committee of creditors may provide the corporate debtor an opportunity to * revise the base resolution plan prior to its approval under sub-section (4) or * invitation of prospective resolution applicants under sub-section (5), as the case may be. [ Section 54K(2) ] * (3) The resolution plans and the base resolution plan, submitted under this section * shall conform to the requirements referred to in sub-sections (1) and (2) of section 30, and the provisions of sub-sections (1), (2) and (5) of section 30 * shall, mutatis mutandis apply, to the proceedings....
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....rm to the requirements referred to in section 30(2). [ Section 54K(8) ] * (8) The committee of creditors shall evaluate the resolution plans presented by the resolution professional and select a resolution plan from amongst them. [ Section 54K(9) ] Select the Resolution Plan * (9) Where the committee of creditors decides that the resolution plan selected under sub-section (9) is significantly better than the base resolution plan, such resolution plan may be selected for approval under sub-section (12) on the basis of such criteria as may be laid down by it, * The criteria laid down by the committee of creditors under this sub-section shall be subject to such conditions as may be specified. [ Section 54K(10) ] * (10) Where the resol....
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.... as may be specified. [ Section 54K(13) ] * (13) While considering the feasibility and viability of a resolution plan, where the resolution plan submitted by the corporate debtor provides for impairment of any claims owed by the corporate debtor, the committee of creditors may require the promoters of the corporate debtor to dilute their shareholding or voting or control rights in the corporate debtor: * Provided that where the resolution plan does not provide for such dilution, the committee of creditors shall, prior to the approval of such resolution plan under sub-section (4) or sub-section (12), as the case may be, record reasons for its approval. [ Section 54K(14) ] * (14) The resolution professional shall submit the resolution p....
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....te, * the resolution professional shall submit the resolution plan, as approved by the committee of creditors, to the Adjudicating Authority under sub-section (4) or subsection (12), as the case may be, of section 54K, . [ Section 54D(2) ] * Where no resolution plan is approved by the committee of creditors within the time period referred to in sub-section (2), * the resolution professional shall, on the day after the expiry of such time period, file an application with the Adjudicating Authority for termination of the pre-packaged insolvency resolution process in such form and manner as may be specified. [ Section 54D(3) ] Initiation of corporate insolvency resolution process. [ Section 54O(1) ] * The committee of creditors, at an....