(1) The corporate debtor shall submit the base resolution plan to the resolution professional within two days of the pre-packaged insolvency commencement date.

(2) The resolution professional shall present the base resolution plan to the committee of creditors within such time as may be specified.

(3) The committee of creditors may provide the corporate debtor an opportunity to revise the base resolution plan, subject to such conditions as may be specified.

(4) The committee of creditors may consider the base resolution plan, or any revised plan submitted under sub-section (3), and approve such plan by a vote of not less than sixty-six per cent. of the voting shares.

(5) Where the committee of creditors does not approve the base resolution plan or a revised plan under sub-section (4), it may, by a vote of not less than sixty-six per cent. of the voting shares, resolve to invite prospective resolution applicants to submit resolution plans.

(6) Where a resolution is passed under sub-section (5), the provisions of sections 25, 29, 29A, 30 and 31 shall, mutatis mutandis, apply to the process of submission, consideration and approval of such resolution plans.