Section 39 in Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016
39. Approval of resolution plan.
- [(1) A prospective resolution applicant in the final list may submit resolution plan or plans prepared in accordance with the Code and these regulations to the resolution professional electronically within the time given in the request for resolution plans under regulation 36B along with(a)an affidavit stating that it is eligible under section 29A to submit resolution plans;[***] [Substituted by Notification No. IBBI/2018-19/GN/REG031, dated 3.7.2018 (w.e.f 30.11.2016).](c)an undertaking by the prospective resolution applicant that every information and records provided in connection with or in the resolution plan is true and correct and discovery of false information and record at any time will render the applicant ineligible to continue in the corporate insolvency resolution process, forfeit any refundable deposit, and attract penal action under the Code.(1A)A resolution plan which does not comply with the provisions of sub-regulation (1) shall be rejected.] [Substituted by Notification No. IBBI/2018-19/GN/REG031, dated 3.7.2018 (w.e.f 30.11.2016).](2)[ The resolution professional shall submit to the committee all resolution plans which comply with the requirements of the Code and regulations made thereunder along with the details of following transactions, if any, observed, found or determined by him:-(a)preferential transactions under section 43;(b)undervalued transactions under section 45;(c)extortionate credit transactions under section 50; and(d)fraudulent transactions under section 66,and the orders, if any, of the adjudicating authority in respect of such transactions.] [Substituted by Notification No. IBBI/2017-18/GN/REG019, dated 7.11.2017 (w.e.f. 30.11.2016).](3)[ The committee shall evaluate the resolution plans received under sub-regulation (1) strictly as per the evaluation matrix to identify the best resolution plan and may approve it with such modifications as it deems fit:] [Substituted by Notification No. IBBI/2018-19/GN/REG031, dated 3.7.2018 (w.e.f 30.11.2016).][Provided that the committee shall record its deliberations on the feasibility and viability of the resolution plans.] [Substituted by Notification No. IBBI/2019-20/GN/REG048, dated 25.7.2019 (w.e.f 30.11.2016).][***] [Omitted '(3A) The committee shall, while approving the resolution plan under sub-section (4) of section (30), specify the amounts payable from resources under the resolution plan for the purposes under sub-regulation (1) of regulation 38.' by Notification No. IBBI/2018-19/GN/REG032, dated 5.10.2018 (w.e.f. 30.11.2016).](4)[ The resolution professional shall endeavour to submit the resolution plan approved by the committee to the Adjudicating Authority at least fifteen days before the maximum period for completion of corporate insolvency resolution process under section 12, along with a compliance certificate in [Form H of the Schedule and the evidence of receipt of performance security required under sub-regulation(4A)of regulation 36B.] [Substituted by Notification No. IBBI/2018-19/GN/REG031, dated 3.7.2018 (w.e.f 30.11.2016).].] [Substituted by Notification No. IBBI/2019-20/GN/REG052, dated 27.11.2019 (w.e.f. 30.11.2016).](5)The resolution professional shall forthwith send a copy of the order of the Adjudicating Authority approving or rejecting a resolution plan to the participants and the resolution applicant.(6)A provision in a resolution plan which would otherwise require the consent of the members or partners of the corporate debtor, as the case may be, under the terms of the constitutional documents of the corporate debtor, shareholders' agreement, joint venture agreement or other document of a similar nature, shall take effect notwithstanding that such consent has not been obtained.(7)No proceedings shall be initiated against the interim resolution professional or the resolution professional, as the case may be, for any actions of the corporate debtor, prior to the insolvency commencement date.(8)A person in charge of the management or control of the business and operations of the corporate debtor after a resolution plan is approved by the Adjudicating Authority, may make an application to the Adjudicating Authority for an order seeking the assistance of the local district administration in implementing the terms of a resolution plan.(9)[ A creditor, who is aggrieved by non-implementation of a resolution plan approved under sub-section (1) of section 31, may apply to the Adjudicating Authority for directions.] [Inserted by Notification No. IBBI/2019-20/GN/REG040, dated 24.1.2019 (w.e.f. 30.11.2016).]
