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How to Draft a Resolution Plan That Survives Both CoC Voting and Judicial Scrutiny
1. The Two Tests Every Resolution Plan Must Pass A resolution plan “survives” only when it clears two independent tests that the Insolvency and Bankruptcy Code, 2016 (“IBC”) deliberately keeps separate. First, it must secure approval from the Committee of Creditors (“CoC”), a commercial decision taken by voting share based on admitted financial debt. Second,
