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TMI BlogResolution plan [ Section 30 ]X X X X Extracts X X X X X X X X Extracts X X X X ..... ection 30 of IBC, 2016 ] Resolution Applicant to submit Resolution Plan to RP [ Section 30(1) ] A resolution applicant may submit a resolution plan along with an affidavit stating that he is eligible under section 29A to the resolution professional prepared on the basis of the information memorandum. As per regulation 39(1) of the CIRP Regulations, a PRA in the Final List may submit resolution plan or plans prepared in accordance with the IBC and CIRP Regulations to the RP electronically within the time given in the RFRP along with section 29A affidavit as well as an undertaking that every information and records provided in connection with or in the resolution plan is true and correct and discovery of false ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion professional shall examine each resolution plan received by him to confirm that each resolution plan- (a) provides for the payment of insolvency resolution process costs in a manner specified by the Board in priority to the payment of other debts of the corporate debtor; (b) provides for the payment of debts of operational creditors in 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 prior ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... plan; (e) does not contravene any of the provisions of the law for the time being in force. Explanation.- For the purposes of clause (e) , if any approval of shareholders is required under the Companies Act, 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. (f) conforms to such other requirements as may be specified by the Board. Present of resolution plans by Resolution professional for approval [ Section 30(3) ] The resolution professional shall present to the committee of creditors for its approval such resolution ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion process shall be completed within the period specified in that sub-section. 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). resolution applicant attend the meeting of the committee of creditors [ Section 30(5) ] The resolution applicant may attend the meeting of the committee of creditors in which the resolution plan of the applicant is considered: Provided that the resolution applicant shall not have a right to vote at the meeti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ution plan, as such it cannot be stated that the question of viability and feasibility was not examined in the proper perspective. Arcelormittal India Pvt. Ltd. Vs. Satish Kumar Gupta and Ors . [ 2018 (10) TMI 312 - SC] , Dated 04.10.2018 Th e Supreme Court held that Section 30(2)(e) does not empower the RP to decide whether the resolution plan does or does not contravene the provisions of law. It is the CoC which will approve or disapprove a resolution plan , given the statutory parameters of section 30 . Chitra Sharma and Ors. Vs. Union of India and Ors. [ 2018 (8) TMI 661 - SC ] Dated 09.08.2018 Th e Supreme Court held that primacy is given in the process to commercia ..... X X X X Extracts X X X X X X X X Extracts X X X X
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