Section 54K(5) in Insolvency And Bankruptcy Code, 2016
(5)Where -(a)the committee of creditors does not approve the base resolution plan under sub-section (4); or(b)the base resolution plan impairs any claims owed by the corporate debtor to the operational creditors,the resolution professional shall invite prospective resolution applicants to submit a resolution plan or plans, to compete with the base resolution plan, in such manner as may be specified.
