TMI BlogConsideration and approval of resolution planX X X X Extracts X X X X X X X X Extracts X X X X ..... solution applicants under sub-section (5), as the case may be. (3) The resolution plans and the base resolution plan, submitted under this section shall conform to the requirements referred to in sub-sections (1) and (2) of section 30, and the provisions of sub-sections (1), (2) and (5) of section 30 shall, mutatis mutandis apply, to the proceedings under this Chapter. (4) The committee of creditors may approve the base resolution plan for submission to the Adjudicating Authority if it does not impair any claims owed by the corporate debtor to the operational creditors. (5) Where - (a) the committee of creditors does not approve the base resolution plan under sub-section (4); or (b) the base resolution plan impairs any claims ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mmittee of creditors decides that the resolution plan selected under sub-section (9) is significantly better than the base resolution plan, such resolution plan may be selected for approval under sub-section (12): Provided that the criteria laid down by the committee of creditors under this sub-section shall be subject to such conditions as may be specified. (11) Where the resolution plan selected under sub-section (9) is not considered for approval or does not fulfil the requirements of sub-section (10), it shall compete with the base resolution plan, in such manner and subject to such conditions as may be specified, and one of them shall be selected for approval under sub-section (12). (12) The resolution plan selected for approv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... such resolution plan under sub-section (4) or sub-section (12), as the case may be, record reasons for its approval. (15) The resolution professional shall submit the resolution plan as approved by the committee of creditors under sub-section (4) or sub-section (12), as the case may be, to the Adjudicating Authority. Explanation I . For the removal of doubts, it is hereby clarified that, the corporate debtor being a resolution applicant under clause (25) of section 5, may submit the base resolution plan either individually or jointly with any other person. Explanation II . For the purposes of sub-sections (4) and (14), claims shall be considered to be impaired where the resolution plan does not provide for the full ..... X X X X Extracts X X X X X X X X Extracts X X X X
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