Settlement vs. Resolution Plan - Creditors to Consider Both Options.

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Full Text of the Document

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....Corporate Insolvency Resolution Process (CIRP) - Settlement proposal initially rejected by Committee of Creditors (CoC), revised proposal submitted and pending consideration. CoC can consider resolution plan and settlement proposal simultaneously. No requirement for CoC to hear respondent unless CoC decides for negotiations. Revised settlement proposal submitted, no need for further evidence unless required by CoC or Insolvency Resolution Professional (IRP). CIRP not stayed by Supreme Court. Application dismissed by Appellate Tribunal.....