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Approval of resolution plan.

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..... 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 committee under regulation 36 .....

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..... 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 highest votes, subject to the timelines under the Code. Illustration . - The committee is voting on two resolution plans, namely, A and B, simultaneously. The voting outcome is as under: Voting outcome % of votes in favour of Status of approval Plan A Plan B 1 55 60 No Plan is approved, as neither of the Plans received requisit .....

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..... 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) Regulations, 2020; ] (6) A provision in a resolution plan which would otherwise require the consent of the members or partners of the corporate debtor, as the case may be, under the terms of the constitutional documents of the corporate debtor, shareholders agreement, joint venture agreement or other document of a similar nature, shall take effect notwithstanding that such consent has not been obtained. (7) No proceedings shall be initiated against the interim resolution professional or the resolution professional, as the case may be, for any actio .....

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..... e it was read as, (4) The resolution professional shall submit the resolution plan approved by the committee to the Adjudicating Authority with the certification that: (a) the contents of the resolution plan meet all the requirements of the Code and the Regulations; and (b) the resolution plan has been approved by the committee. 5. Substituted vide Notification No. IBBI/2018-19/GN/REG031 dated 03-07-2018 before it was read as 1 [(1) A resolution applicant shall submit resolution plan(s) prepared in accordance with the Code and these regulations to the resolution professional within the time given in the invitation made under clause (h) of sub-section (2) of section 25.] 6. Substituted vide Notification No. IBBI .....

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..... sub-regulation (1) of regulation 38.] 10. Substituted vide Notification No. IBBI/2019-20/GN/REG040 dated 24-01-2019 before it was read as Form H of the Schedule 11. Inserted vide Notification No. IBBI/2019-20/GN/REG040 dated 24-01-2019 12. Substituted vide NOTIFICATION No. IBBI/2019-20/GN/REG048 dated 25-07-2019 before it was read as Provided that the committee shall record the reasons for approving or rejecting a resolution plan. 13. Substituted vide Notification No. IBBI/2020-21/GN/REG064 dated 07-08-2020 before it was read as 6 [ (3) The committee shall evaluate the resolution plans received under sub-regulation (1) strictly as per the evaluation matrix to identify the best resolution plan and may appr .....

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