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Approval of resolution plan.

Regulation 39 - Regulation - RESOLUTION PLAN - Insolvency and Bankruptcy Board of India (Insolvency Resolution Process For Corporate Persons) Regulations, 2016 - Regulation 39 - 39. 5[(1) A prospective resolution applicant in the final list may submit resolution plan or plans prepared in accordance with the Code and these regulations to the resolution professional electronically within the time given in the request for resolution plans under regulation 36B along with (a) an affidavit stating tha .....

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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) fraudul .....

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avour 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 Form H of the Schedule.] (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 resol .....

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y actions of the corporate debtor, prior to the insolvency commencement date. (8) A person in charge of the management or control of the business and operations of the corporate debtor after a resolution plan is approved by the Adjudicating Authority, may make an application to the Adjudicating Authority for an order seeking the assistance of the local district administration in implementing the terms of a resolution plan. ******************** Notes:- 1. Substituted vide Notification No. IBBI/20 .....

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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 p .....

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