Definition
A plan proposed by a Resolution Applicant (potential acquirer) to resolve the Corporate Debtor's insolvency under the IBC. The plan must be approved by the Committee of Creditors with 66% vote and then confirmed by the NCLT. An approved resolution plan is binding on all creditors, extinguishing claims not covered by it.
Related Terms
CIRPCoCIBCResolution Applicant
Need Expert Advice on Resolution Plan?
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Defined by Advocate Subodh Bajpai, Senior Partner, Unified Chambers and Associates