Section 23 - Amendment of section 30 - Insolvency and Bankruptcy Code (Second Amendment) Act, 2018

Amendment of section 30 23. In section 30 of the principal Act ,- (i) in sub-section (1), after the words resolution plan , the words, figures and letter along with an affidavit stating that he is eligible under section 29A shall be inserted; (ii) in sub-section (2),- (A) in clauses (a) and (b), for the word repayment at both the places where it occurs, the word payment shall be substituted; (B) after clause (f), the following Explanation shall be inserted, namely:- Explanation .-For the purposes of clause (e), if any approval of shareholders is required under the Companies Act, 2013 (18 of 2013) or any other law for the time being in force for the implementation of actions under the resolution plan, such approval shall be deemed to have been given and it shall not be a contravention of that Act or law. ; (iii) in sub-section (4),- (a) for the word seventy-five , the word sixty-six shall be substituted; (b) after the third proviso, the following proviso shall be inserted, namely:- Provided also that the eligibility criteria in section 29A as amended by the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018 shall apply to the resolution applicant who has not submitted resolution plan as on the date of commencement of the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018 (ord. 6 of 2018). .