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Home Acts & Rules Insolvency and Bankruptcy Regulation Insolvency and Bankruptcy Board of India (Insolvency Resolution Process For Corporate Persons) Regulations, 2016 Chapters List Chapter X RESOLUTION PLAN This
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Regulation 39 - Approval of resolution plan. - Insolvency and Bankruptcy Board of India (Insolvency Resolution Process For Corporate Persons) Regulations, 2016

Extract

..... it any refundable deposit, and attract penal action under the Code. (1A) A resolution plan which does not comply with the provisions of sub-regulation (1) shall be rejected.] 2[(2) The resolution professional shall submit to the committee all resolution plans which comply with the requirements of the Code and regulations made thereunder along with the details of following transactions, if any, observed, found or determined by him:- (a) preferential transactions under section 43; (b) undervalued transactions under section 45; (c) extortionate credit transactions under section 50; and (d) fraudulent transactions under section 66, and the orders, if any, of the adjudicating authority in respect of such transactions.] 13[(3) The committee shall .....

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Regulation 39 - Approval of resolution plan. - Insolvency and Bankruptcy Board of India (Insolvency Resolution Process For Corporate Persons) Regulations, 2016

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..... ther Plan A or Plan B, as per the tie-breaker formula announced before voting.] 7[(4) The resolution professional shall endeavour to submit the resolution plan approved by the committee to the Adjudicating Authority at least fifteen days before the maximum period for completion of corporate insolvency resolution process under section 12, along with a compliance certificate in 10[Form H of the Schedule and the evidence of receipt of performance security required under sub-regulation (4A) of regulation 36B].] (5) The resolution professional shall forthwith send a copy of the order of the Adjudicating Authority approving or rejecting a resolution plan to the participants and the resolution applicant. (6) A provision in a resolution plan which .....

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Regulation 39 - Approval of resolution plan. - Insolvency and Bankruptcy Board of India (Insolvency Resolution Process For Corporate Persons) Regulations, 2016

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..... rporate insolvency resolution process." 2. Substituted vide Notification No. IBBI/2017-18/GN/REG019. Dated 07-11-2017, before it was read as, "(2) The resolution professional shall present all resolution plans that meet the requirements of the Code and these Regulations to the committee for its consideration." 3. Inserted vide No. IBBI/2017-18/GN/REG024 - Dated 06-02-2018 4. Substituted vide No. IBBI/2017-18/GN/REG024 - Dated 06-02-2018, before 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 res .....

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Regulation 39 - Approval of resolution plan. - Insolvency and Bankruptcy Board of India (Insolvency Resolution Process For Corporate Persons) Regulations, 2016

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..... dertaking that it will provide for additional funds to the extent required for the purposes under sub-regulation (1) of regulation 38; and" 9. Omitted vide Notification No. IBBI/2018-19/GN/REG032 dated 05-10-2018 before it was read as "3[(3A) The committee shall, while approving the resolution plan under sub-section (4) of section (30), specify the amounts payable from resources under the resolution plan for the purposes under 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/R .....

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Regulation 39 - Approval of resolution plan. - Insolvency and Bankruptcy Board of India (Insolvency Resolution Process For Corporate Persons) Regulations, 2016

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