A Complete Guide on Resolution Plan under Insolvency and Bankruptcy Code, 2016

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Description
The entire globe has been bustling in pursuit of economic excellence. India too has been pushing hard to become an economic powerhouse. For which a policy of ease of doing business has been adopted. But not all business ventures which are started with much enthusiasm sail smoothly. Sometimes financial distress put the question mark on the existence of business entities. To pull out such entities from distress in a time-bound manner to give new lease of life, a new legislation was introduced in the year 2016 as it was observed that the then existing law related to Insolvency and Bankruptcy was inadequate and tardy in providing desired result. New law has been drafted carefully to serve the purpose but so far it has proved to be an evolving law.
This book is focused on the core of the CIRP i.e. resolution of a distressed corporate debtor. As has been observed and was given feedback that no exclusive book on “Resolution Plan” is available to provide a complete guide. In such background this book is an effort to provide maximum information regarding procedures related to Resolution Plan in one book based on elaborative analysis of judgments of the Supreme Court & National Company Law Appellate Tribunal (NCLAT) and relevant statutory provisions.
I am confident that this book would provide complete guide to every person involved in ‘Resolution Plan' and to those who will be affected by ‘Resolution Plan'.
I am thankful to Commercial Law Publishers (India) Pvt. Ltd. and Mr. Sandeep Garg for every co-operation in the publication of first edition of the book.
Suggestions and feedbacks are solicited from all readers to make the next edition more valuable.
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Table of Contents
CHAPTER 1 - Introduction of Process and Role of Resolution Professional
1.1 Introduction of Process of Resolution Plan
1.2 Role of Resolution Profiessional
1.3 Duties of Resolution Professional
CHAPTER 2 - Information Memorandum
2.1 Introduction
2.2 Definition of Information Memorandum.
2.3 Access of Information Memorandum to Prospective Resolution Applicant..
2.4 Time Limit for Preparation of Information Memorandum
2.5 Contents/details in Information Memorandum.
2.6 Undertaking of Confidentiality
2.7 Relevant Statutory Provision.
CHAPTER 3 - Expression of Interest
3.1 Introduction
3.2 Point of Time for Publication
3.3 Place of Publication and Medium
3.4 Last Date for Expression of Interest..
3.5 Necessary Contents of Detailed Invitation
3.6 Undertaking, etc., with Expression of Interest
3.7 Due Diligence by Resolution Professional
3.8 Provisional and Final List of Prospective Resolution Applicant
3.9 Re-issuance of Expression of Interest
3.10 Relevant Statutory Provision
CHAPTER 4 - Request for Resolution Plan
4.1 Introduction
4.2 Issuance of Request for Resolution Plan
4.3 Details in Request for Resolution Plan
4.4 Timeline for Submission of Resolution Plan
4.5 Deposit for Submission of Resolution Plan
4.6 Performance Security
4.7 Modification in Request for Resolution Plan
4.8 Request for Resolution Plan for Sale of Assets of the Corporate debtor
4.9 Re-issue of Request for Resolution Plan
4.10 Sample Format of RFRP.
4.11 Relevant Statutory Provision.
CHAPTER 5 - Evaluation Matrix
5.1 Introduction
5.2 Meaning of Evaluation Matrix
5.3 Evaluation Criteria
5.4 Building of Evaluation Matrix
5.5 Evaluation Matrix Sample
CHAPTER 6 - Resolution Plan
6.1 Introduction
6.2 Contents of Resolution Plan.
6.3 Transfer of Assets of Corporate Debtor to Resolution Applicant
6.4 Distribution of Resolution Fund
6.5 Discrimination in Payment
6.6 Supply of Goods and Services & Transferred of Real Estate Related Right
6.7 Contingent Claim
6.8 Claim Submitted after Approval of Resolution Plan by CoC
6.9 Other Creditors' Claim
6.10 Change in Nature of Business
6.11 Conditional or Contingent Resolution Plan
6.12 Miscellaneous
6.13 Sample Resolution Plan
6.14 Related Statutory Provision
CHAPTER 7 - Mandatory Contents of Resolution Plan
7.1 Introduction
7.2 Mandatory Details of Resolution Plan
7.3 Related Statutory Provisions
CHAPTER 8 - Person not Eligible to Submit Resolution Plan
8.1 Background & Introduction
8.2 No Ineligibility if Clauses (A) to (G) not Attracted
8.3 Constitutional Validity
8.4 Resolution Applicant has no Vested Right
8.5 Persons Ineligible to Submit Resolution Plan
8.6 Exemption to MSME
8.7 Ineligibility has to be Seen Strictly in the Lens of Section 29A (Strict Adherence to Section 29A for Ineligibility)
8.8 Effect of Pending Cases against Resolution Applicant 8.9 Statutory Provision (Section 29A)
CHAPTER 9 - Submission of Resolution Plan
9.1 Submission of Resolution Plan
9.2 Examiantion/Scrutiny by RP [Section 30(2)].
9.3 Permission to Resolution Applicant to Attend Meeting of CoC
9.4 Relevant Statutory Provisions
CHAPTER 10 - Consideration by Committee of Creditors
10.1 Introduction
10.2 Copy of Resolution Plan
10.3 Commercial Wisdom of CoC
10.4Consideration
10.5 Challenge Mechanism
10.6 Rejection
10.7 Objection
10.8 Evaluation of Resolution Plan
10.9 Voting & Approval
10.10 Effect of Approval
10.11 Withdrawal of Resolution Plan
10.12 Statutory Provision
CHAPTER 11 - Approval or Rejection by Adjudicating Authority
11.1 Introducation
11.2 Submission of Resolution Plan
11.3 Remitting Back to COC
11.4 Direction
11.5 Extension of Time limit
11.6 Objection to Resolution Plan
11.7 Judicial Review/Consideration
11.8 Approval
11.9 Recall
11.10 Effect of Approval
11.11 Res-Judicata
11.12 Subsitution of Resolution Applicant
11.13 Observation Against SRA
11.14 Rejection of Resolution Plan
11.15 Modification or Alteration
11.16 Miscellaneous
11.17 Statutory Provision
CHAPTER 12 - Implementation of Resolution Plan and Monitoring Agency
12.1 Letter of Intent
12.2 Monitoring Committee
12.3 Direction for Implementation.
12.4 Extension of Time for Fulfilling Terms of Resolution Plan
12.5 Delay in Implementation of Resolution Plan
12.6 Failure in Implementing Resolution Plan
12.7 Withdrawal from Implementation of Resolution Plan
12.8 Miscellaneous
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Author Details
Adv. SANTOSH KUMAR has been a practicing advocate since 2002. He is based in Delhi and specialized in Taxation Laws, Corporate Laws and insolvency Laws. He has also done "Diploma in Environment Law" from a prominent environmental organisation "World Wide Fund" (WWF). His client-range includes Real Estate Industries, Infrastructure Industries, Hotel Industries, Manufacturers, and Traders, etc. He has written numerous articles related to taxation and insolvency, which has published on various websites. He also has addressed various seminars, conferences, workshops organised for professionals, students, and industries.