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TMI BlogMandatory contents of the resolution plan.X X X X Extracts X X X X X X X X Extracts X X X X ..... financial creditors and operational creditors, of the corporate debtor.] 6[(1B) A resolution plan shall include a statement giving details if the resolution applicant or any of its related parties has failed to implement or contributed to the failure of implementation of any other resolution plan approved by the Adjudicating Authority at any time in the past.] (2) A resolution plan shall provide: (a) the term of the plan and its implementation 9[Schedule-I]; (b) the management and control of the business of the corporate debtor during its term; and (c) adequate means for supervising its implementation. 8[(d) provides for the manner in which proceedings in respect of avoidance transactions, if any, under Chapter III or fraudulent ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ution process. (c) The monitoring committee shall submit quarterly reports to the Adjudicating Authority regarding the status of implementation of resolution plan.] ************* NOTES:- 1. Inserted vide Notification No. IBBI/2017-18/GN/REG019. Dated 07-11-2017 2. Inserted vide Notification No. IBBI/2017-18/GN/REG018. Dated 05-10-2017 3. Substituted vide Notification No. IBBI/2018-19/GN/REG031 dated 03-07-2018 before it was read as "insolvency resolution process costs will be paid" 4. Substituted vide Notification No. IBBI/2018-19/GN/REG031 dated 03-07-2018 before it was read as "1[(3) A resolution plan shall contain details of the resolution applicant and other connected persons to enable the committee to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t;(1) A resolution plan shall identify specific sources of funds that will be used to pay the - (a) insolvency resolution process costs and provide that the 3[insolvency resolution process costs, to the extent unpaid, will be paid] in priority to any other creditor; (b) liquidation value due to operational creditors and provide for such payment in priority to any financial creditor which shall in any event be made before the expiry of thirty days after the approval of a resolution plan by the Adjudicating Authority; and (c) liquidation value due to dissenting financial creditors and provide that such payment is made before any recoveries are made by the financial creditors who voted in favour of the resolution plan." 6. Inser ..... X X X X Extracts X X X X X X X X Extracts X X X X
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