Corporate insolvency safeguards resolution-plan approval where no material prejudice, statutory breach, or irregularity is proved.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Suspended directors are entitled to meaningful participation in CIRP and may challenge an approved resolution plan, but non-supply of plan materials does not invalidate approval absent a confidentiality undertaking, specific objection, or material prejudice. A practising Chartered Accountant is not ineligible to submit a plan solely because of professional status. CIRP may be withdrawn after admission only through the prescribed approval and statutory withdrawal process; an uncompleted settlement or part-payment cannot halt it. The CoC may assess viability, feasibility and implementation rather than accept the highest post-closure offer. Government claims omitted from an approved plan are extinguished, and statutory dues do not generally ra.........