Question
As per the provisions of IBC, the committee of creditors
may approve a resolution plan by what percentage of voting share of the financial creditors?Solution
Section 30-Submission of resolution plan : (4) The committee of creditors may approve a resolution plan by a vote of not less than sixty-six per cent, of voting share of the financial creditors, after considering its feasibility and viability the manner of distribution proposed, which may take into account the order of priority amongst creditors as laid down in sub-section (1) of section 53, including the priority and value of the security interest of a secured creditor, and such other requirements as may be specified by the Board.
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