You are appointed as Resolution Professional by Committee of Creditors. You have made a public announcement inviting Expression of Interest. Based on your invitation few Parties have submitted Resolution plans. As per th

Section 30(2) of the Insolvency and Bankruptcy Code, 2016 provides that the Resolution Professional shall examine each resolution plan received by him to confirm that each resolution plan fulfils the following criteria: provides for the payment of insolvency resolution process costs in a manner specified by the Board in priority to the payment of other debts of the corporate debtor: provides for the payment of the debts of operational creditors in such manner as may be specified by the Board which shall not be less than the amount to be paid to the operational creditors in the event of a liquidation of the corporate debtor under section 53, whichever is higher, and provides for the payment of debts of financial creditors, who do not vote in favour of the resolution plan, in such manner as may be specified by the Board, which shall not be less than the amount to be paid to such creditors in accordance with sub-section (1) of section 53 in the event of a liquidation of the corporate debtor. provides for the management of the affairs of the Corporate debtor after approval of the resolution plan; the implementation and supervision of the resolution plan; does not contravene any of the provisions of the law for the time being in force, conforms to such other requirements as may be specified by the Board Explanation . For the purposes of clause (e), if any approval of shareholders is required under the Companies Act, 2013 or any other law for the time being in force for the implementation of actions under the resolution plan, such approval shall be deemed to have been given and it shall not be a contravention of that Act or law. If the Resolution Professional is satisfied that the resolution plan fulfils the above criteria, he shall present such resolution plan to the committee of creditors for its approval.