IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, lists down the mandatory contents of the resolution plan. Explain.

Regulation 38 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, lists down the mandatory contents of the resolution plan which are as follows: The amount payable under a resolution plan (a) to the operational creditors shall be paid in priority over financial creditors; and (b) to the financial creditors, who have a right to vote under sub-section (2) of section 21 and did not vote in favour of the resolution plan, shall be paid in priority over financial creditors who voted in favour of the plan. A resolution plan shall include a statement as to how it has dealt with the interests of all stakeholders, including financial creditors and operational creditors, of the corporate debtor. A resolution plan shall include a statement giving details if the resolution applicant or any of its related parties has failed to implement or contributed to the failure of implementation of any other resolution plan approved by the Adjudicating Authority at any time in the past. A resolution plan shall provide: the term of the plan and its implementation schedule: the management and control of the business of the corporate debtor during its term; and adequate means for supervising its implementation. A resolution plan shall demonstrate that - it addresses the cause of default: it is feasible and viable: it has provisions for its effective implementation; it has provisions for approvals required and the timeline for the same; and the resolution applicant has the capability to implement the resolution plan.