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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,
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How Resolution Plans Should Be Prepared to Maximise Votes under the Insolvency and Bankruptcy Code, 2016
How Resolution Plans Should Be Prepared to Maximise Votes under the Insolvency and Bankruptcy Code, 2016 I. Why Legally Compliant Resolution Plans Frequently Fail One of the most common but flawed assumptions in insolvency practice is that a resolution plan which complies with Section 30(2) of the Insolvency and Bankruptcy Code, 2016 (“IBC”) will, by
