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Submission of resolution plan.

Section 30 - Act - CORPORATE INSOLVENCY RESOLUTION PROCESS - Insolvency and Bankruptcy Code, 2016 - Section 30 - 30. (1) A resolution applicant may submit a resolution plan 2[along with an affidavit stating that he is eligible under section 29A] to t .....

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tion process costs in a manner specified by the Board in priority to the 3[payment] of other debts of the corporate debtor; (b) provides for the 3[payment] of the debts of operational creditors in such manner as may be specified by the Board which sh .....

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an; (d) the implementation and supervision of the resolution plan; (e) does not contravene any of the provisions of the law for the time being in force. (f) conforms to such other requirements as may be specified by the Board. 4[Explanation.-For the .....

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have been given and it shall not be a contravention of that Act or law.] (3) The resolution professional shall present to the committee of creditors for its approval such resolution plans which confirm the conditions referred to in sub-section (2). 1 .....

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ed by the Board: Provided that the committee of creditors shall not approve a resolution plan, submitted before the commencement of the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2017(Ord. 7 of 2017), where the resolution applicant is inel .....

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gible under clause (c) of section 29A, the resolution applicant shall be allowed by the committee of creditors such period, not exceeding thirty days, to make payment of overdue amounts in accordance with the proviso to clause (c) of section 29A: Pro .....

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n that sub-section.] 6[Provided also that the eligibility criteria in section 29A as amended by the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018 shall apply to the resolution applicant who has not submitted resolution plan as on the dat .....

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ided that the resolution applicant shall not have a right to vote at the meeting of the committee of creditors unless such resolution applicant is also a financial creditor. (6) The resolution professional shall submit the resolution plan as approved .....

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