Section 5(26)1 of the Insolvency and Bankruptcy Code, 2016 (IBC or Code) defines a “resolution plan” as one proposed by a resolution applicant for resolving a corporate debtor’s insolvency as a going concern, while Section 302 concerns its submission to the resolution professional (RP). While the IBC and associated Regulations form a complete Code on this subject, several issues have come up regarding the implementation of resolution plans, which plague the insolvency ecosystem in our country and preclude it from achieving its truest potential and promoting ease of doing business. This article examines the legal framework governing the implementation of resolution plans, whilst looking at challenges arising therefrom and…
Insolvency Guardian
Insolvency Services & Bankruptcy Advice
