Chapter 8 - Catalysing Successful Resolution Plan
Chapter notes, video classes, MCQ practice tests and quick-revision one-liners for Insolvency and Bankruptcy Code 2016 — Insolvency and Bankruptcy Code 2016.
One-liners from this chapter
Free sample — 8 of 66 rapid-fire Q&A cards.
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.
Who is eligible to submit a resolution plan under the IBC, 2016?
A resolution applicant who meets the eligibility criteria prescribed under the Code and applicable regulations is eligible to submit a resolution plan.
What was the CoC voting threshold for approving a resolution plan before the 2018 IBC amendment?
Seventy-five per cent of voting share of financial creditors.
What does it mean to resolve a corporate debtor 'as a going concern' under the IBC?
Resolving as a going concern means the business continues to operate rather than being shut down or liquidated, preserving its economic value and employment.
Under Section 33 of the IBC, what order does the Adjudicating Authority pass when no resolution plan is received or a plan is rejected?
An order to liquidate the corporate debtor and public announcement of liquidation.
MCQ practice tests
Chapter-wise mock tests with instant scoring.
Master the full IBC syllabus
Every chapter of Insolvency and Bankruptcy Code 2016 — videos, tests, notes and one-liner decks in one place.