Summary Chart on Approvals - % Voting Share of COC needed

Section Approval for % V.S.

es
12(2) For Extension of Resolution Process Period by 90 days 66%

ss
(180 + 90)

la
C
56(2) For Extension of Fast Track Resolution Period by 45 days 75%

's
(90 + 45)

ni
at
21(8) Approval where no specific % is prescribed 51%
lP
ni
22(2) Appointment of RP
ap

27(2) Replacement of RP
Sw

66%
28(3) Approval for Certain action specified u/s 28(1)
30(4) Approval of RESOLUTION PLAN by COC
12A Withdrawal of application u/s 7, 9 & 10 90%
 Insolvency and Bankruptcy Code, 2016

Section Section Name

No.

2 Application

es
ss
3 to 5 Definitions

la
6 Persons who may initiate corporate insolvency resolution process

C
's
7 Initiation of corporate insolvency resolution process by financial creditor

ni
at
8 Insolvency resolution by operational creditor
lP
ni
9 Application for initiation of corporate insolvency resolution process by
ap

operational creditor
Sw

10 Initiation of corporate insolvency resolution process by corporate applicant

11 Persons not entitled to make application

12 Time-limit for completion of insolvency resolution process

Section Section Name
No.

12A Withdrawal of application admitted under section 7, 9, or 10

13 Declaration of moratorium and public announcement

es
14 Moratorium

ss
15 Public Announcement of Corporate Insolvency Resolution Process

la
C
16 Appointment, tenure and Power of interim resolution professional

's
ni
17 Powers of Interim Resolution Professional

at
21
lP
Committee of creditors
ni
ap

22 Appointment and functions of resolution professional

Sw

23 Functions of Resolution professional

24 Meeting of committee of creditors

25A Rights and duties of authorised representative of financial creditors

Section Section Name
No.

27 Replacement of resolution professional by committee of creditors

28 Approval of committee of creditors for certain actions of resolution

es
professional, during the corporate insolvency resolution process

ss
29 Preparation of information memorandum

la
C
29A Persons not eligible to be resolution applicant

's
ni
30 Submission of Resolution plan

at
31 lP
Approval of Resolution plan
ni
ap

33 Initiation of liquidation
Sw

34 Initiation of liquidation

35 Powers and duties of liquidator

36 Liquidation estate

37 Powers of liquidator to access information

Section Section Name
No.

38 Consolidation of claims

39 Verification of claims

es
40 Admission or rejection of claims

ss
41 Determination of valuation of claims

la
C
42 Appeal against the decision of liquidator

's
ni
45 Avoidance of undervalued transactions

at
52
lP
Secured creditor in liquidation proceedings
ni
ap

53 Distribution of assets
Sw

54 Dissolution of corporate debtor

55 to 57 Fast Track Resolution for Corporate Persons

59 Voluntary Liquidation of Corporate Persons