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Chapter 8 - Catalysing Successful Resolution Plan
How does Section 5(26) of the IBC, 2016 define a 'resolution plan'?
A resolution plan is a plan proposed by a resolution applicant for insolvency resolution of the corporate debtor as a going concern in accordance with Part II of the Code.
What is the minimum voting share of financial creditors required to approve a resolution plan under Section 30(4) of the IBC?
Not less than sixty-six per cent of voting share of financial creditors.
What is the primary objective of a resolution plan under the IBC, 2016?
The primary objective is to resolve insolvency of the corporate debtor as a going concern, not to liquidate assets or recover individual debts.
Under what statutory provision must a resolution plan provide for payment of CIRP costs in priority?
Section 30(2) of the Insolvency and Bankruptcy Code, 2016.
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