Initiation of corporate insolvency resolution process [ Section 54O ]

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..... section (4) or sub-section (12), as the case may be, of section 54K, by a vote of sixty-six per cent. of the voting shares, may resolve to initiate a corporate insolvency resolution process in respect of the corporate debtor, if such corporate debtor is eligible for corporate insolvency resolution process under Chapter II. [ Section 54O(1) ] * Notwithstanding anything to the contrary contained i .....

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..... ed as part of insolvency resolution process costs for the purposes of the corporate insolvency resolution process of the corporate debtor. [ Section 54O(2) ] * Where the resolution professional fails to submit written consent under clause (b) of sub-section (2), the Adjudicating Authority shall appoint an interim resolution professional by making a reference to the Board for recommendation, in t .....

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