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?
    A Where the committee of creditors approve the base resolution plan Correct Answer Incorrect Answer
    B Where the committee of creditors does not approve the base resolution plan Correct Answer Incorrect Answer
    C Where the base resolution plan does not impairs any claims owed by the corporate debtor to the operational creditors Correct Answer Incorrect Answer
    D Where the committee of creditors so directs the resolution professional Correct Answer Incorrect Answer
    E Where the base resolution plan is not submitted on time Correct Answer Incorrect Answer

    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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