Resolution Plan - Meaning, Content, Drafting and Submission

Section 5(26) of the IBC, 2016 - "Resolution plan" means a plan provided by the resolution applicant for the corporate debtor's bankruptcy resolution as a going concern in line with Chapter II of Part II of the Insolvency and Bankruptcy Code. A resolution applicant, in simple terms, is "anyone who submits a resolution proposal to the resolution professional."

 

A Resolution Plan is a rehabilitation plan for a corporate debtor (CD) that is going into insolvency. It is a report based on the information memorandum provided by the Resolution Professional that focuses on legal, financial, management, and technical methods to help the CD get back on its feet. It must be approved by the committee of creditors ("COC") and meet the IBC's required conditions.

​

Source Link: https://www.resurgentindia.com/resolution-plan-meaning-content-drafting-and-submission