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TMI BlogSubmission of resolution plan.X X X X Extracts X X X X X X X X Extracts X X X X ..... n such manner as may be specified by the Board which shall not be less than- (i) the amount to be paid to such creditors in the event of a liquidation of the corporate debtor under section 53; or (ii) the amount that would have been paid to such creditors, if the amount to be distributed under the resolution plan had been distributed in accordance with the order of priority in sub-section (1) of section 53, whichever is higher, and provides for the payment of debts of financial creditors, who do not vote in favour of the resolution plan, in such manner as may be specified by the Board, which shall not be less than the amount to be paid to such creditors in accordance with sub-section (1) of section 53 in the event of a liquidation of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al shall be deemed to have been given and it shall not be a contravention of that Act or law.] (3) The resolution professional shall present to the committee of creditors for its approval such resolution plans which confirm the conditions referred to in sub-section (2). 1[(4) The committee of creditors may approve a resolution plan by a vote of not less than 5[sixty-six] per cent. of voting share of the financial creditors, after considering its feasibility and viability, 8[the manner of distribution proposed, which may take into account the order of priority amongst creditors as laid down in sub-section (1) of section 53, including the priority and value of the security interest of a secured creditor] and such other requirements as may b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s considered: Provided that the resolution applicant shall not have a right to vote at the meeting of the committee of creditors unless such resolution applicant is also a financial creditor. (6) The resolution professional shall submit the resolution plan as approved by the committee of creditors to the Adjudicating Authority. ******************** Notes:- ** Come into the force w.e.f. 01-12-2016 [F. N. 30/7/2016-Insolvency] S.O. 3594(E) dated 30-11-2016 1. As Amended vide Insolvency And Bankruptcy Code (Amendment) Act, 2017 Dated 18-01-2018, before it was read as, "(4) The committee of creditors may approve a resolution plan by a vote of not less than seventy five per cent. of voting share of the financial creditors." 2. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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