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Home Acts & Rules Insolvency and Bankruptcy Act Insolvency and Bankruptcy Code, 2016 Chapters List Chapter III-A (of Part II) PRE-PACKAGED INSOLVENCY RESOLUTION PROCESS This
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Section 54L - Approval of resolution plan - Insolvency and Bankruptcy Code, 2016

Extract

..... 1[Approval of resolution plan. 54L. (1) If the Adjudicating Authority is satisfied that the resolution plan as approved by the committee of creditors under sub-section (4) or sub-section (12) of section 54K, as the case may be, subject to the conditions provided therein, meets the requirements as referred to in sub-section (2) of section 30, it shall, within thirty days of the receipt of such resolution plan, by order approve the resolution plan: Provided that the Adjudicating Authority shall, b .....

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Section 54L - Approval of resolution plan - Insolvency and Bankruptcy Code, 2016

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..... e in the management or control of the corporate debtor to a person who was not a promoter or in the management or control of the corporate debtor, the Adjudicating Authority shall pass an order - (a) rejecting such resolution plan; (b) terminating the pre-packaged insolvency resolution process and passing a liquidation order in respect of the corporate debtor as referred to in sub-clauses (i), (ii) and (iii) of clause (b) of sub-section (1) of section 33; and (c) declaring that the pre-packaged .....

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Section 54L - Approval of resolution plan - Insolvency and Bankruptcy Code, 2016

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