TMI BlogSubmission of resolution plan.X X X X Extracts X X X X X X X X Extracts X X X X ..... provides for the payment of debts of operational creditors in such manner as may be specified by the Board which shall not be less than- (i) the amount to be paid to such creditors in the event of a liquidation of the corporate debtor under section 53; or (ii) the amount that would have been paid to such creditors, if the amount to be distributed under the resolution plan had been distributed in accordance with the order of priority in sub-section (1) of section 53, whichever is higher, and provides for the payment of debts of financial creditors, who do not vote in favour of the resolution plan, in such manner as may be specified by the Board, which shall not be less than the amount to be paid to such creditors ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ies Act, 2013 (18 of 2013) or any other law for the time being in force for the implementation of actions under the resolution plan, such approval shall be deemed to 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 [(4) The committee of creditors may approve a resolution plan by a vote of not less than 5 [ sixty-six ] per cent. of voting share of the financial creditors, after considering its feasibility and viability, 8 [ the manner of distribution proposed, which may take into account the order of priority amongst credito ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... de (Amendment) Ordinance, 2018 (ord. 6 of 2018). ] (5) The resolution applicant may attend the meeting of the committee of creditors in which the resolution plan of the applicant is considered: Provided 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 by the committee of creditors to the Adjudicating Authority. ******************** Notes:- ** Come into the force w.e.f. 01-12-2016 [F. N. 30/7/2016-Insolvency] S.O. 3594(E) dated 30-11-2016 1. As Amended vide Insolvency And Bankruptcy Code (Amendment) Act, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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