(1) A resolution applicant may submit a resolution plan along with an affidavit stating that he is eligible under section 29A to the resolution professional prepared on the basis of the information memorandum.

(2) The resolution professional shall examine each resolution plan received by him to confirm that each resolution plan—

1. provides for the payment of insolvency resolution process costs in a manner specified by the Board in priority to the payment of other debts of the corporate debtor;
2. provides for the payment of debts of operational creditors in such manner as may be specified by the Board which shall not be less than—
   1. the amount to be paid to such creditors in the event of a liquidation of the corporate debtor under section 53; or
   2. the amount that would have been paid to such creditors, if the amount to be distributed under the resolution plan had been distributed in accordance with the order of priority in sub-section (1) of section 53,

   whichever is higher, and provides for the payment of debts of financial creditors, who do not vote in favour of the resolution plan, in such manner as may be specified by the Board, which shall not be less than the amount to be paid to such creditors in accordance with sub-section (1) of section 53 in the event of a liquidation of the corporate debtor;

3. provides for the management of the affairs of the corporate debtor after approval of the resolution plan;
4. the implementation and supervision of the resolution plan;
5. does not contravene any of the provisions of the law for the time being in force;
6. conforms to such other requirements as may be specified by the Board.

(3) The resolution professional shall present to the committee of creditors for its approval such resolution plans which confirm the conditions referred to in sub-section (2).

(4) The committee of creditors may approve a resolution plan by a vote of not less than sixty-six per cent. of the voting share of the financial creditors, after considering its feasibility and viability, 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 additional value contributed by the resolution applicant.

(5) The resolution applicant may attend the meeting of the committee of creditors in which the resolution plan of the applicant is considered, but shall not have a right to vote.

(6) The resolution professional shall submit the resolution plan as approved by the committee of creditors to the Adjudicating Authority.