Section 2
[(4) The committee of creditors may approve a resolution plan by a vote of not less than 3 [sixty-six] per cent. of voting share of the financial creditors, after considering its feasibility and viability, 4 [the manner of distribution proposed, which may take into account the order of priority amongst creditors as laid down in sub -section (1) of section 53, including the priority and value of the security interest of a secured creditor] and such other requirements as may be specified by the Board:
2 [(4) The committee of creditors may approve a resolution plan by a vote of not less than 3 [sixty-six] per cent. of voting share of the financial creditors, after considering its feasibility and viability, 4 [the manner of distribution proposed, which may take into account the order of priority amongst creditors as laid down in sub -section (1) of section 53, including the priority and value of the security interest of a secured creditor] and such other requirements as may be specified by the Board:
Provided that the committee of creditors shall not approve a resolution plan, submitted before the commencement of the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2017(Ord. 7 of 2017) , where the resolution applicant is ineligible under section 29A and may require the resolution professional to invite a fresh resolution plan where no other resolution plan is available with it:
Provided further that where the resolution applicant referred to in the first proviso is ineligible under clause (c) of section 29A, the resolution applicant shall be allowed by the committee of creditors such period, not exceeding thirty days, to make payment of overdue amounts in accordance with the proviso to clause (c) of section 29A:
Provided also that nothing in the second proviso shall be construed as extension of period for the purposes of the proviso to sub-section (3) of section 12, and the corporate insolvency resolution process shall be completed within the period specified in that sub-section.]