Question
When shall the resolution professional shall invite prospective resolution applicants to submit a resolution plan or plans, to compete with the base resolution plan as per the IBC?
Solution
Section 54K-Consideration and approval of resolution plan: (5) Where — (a) the committee of creditors does not approve the base resolution plan under sub-section (4); or (b) the base resolution plan impairs any claims owed by the corporate debtor to the operational creditors, the resolution professional shall invite prospective resolution applicants to submit a resolution plan or plans, to compete with the base resolution plan, in such manner as may be specified.
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