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
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Defined by Advocate Subodh Bajpai, Senior Partner, Unified Chambers and Associates