The Insolvency and Bankruptcy Board of India has issued a press release stating that the Committee of Creditors must evaluate all compliant resolution plans as per the evaluation matrix to identify the best of them and may approve it and the amendment made to the Regulations w.e.f. 7th August 2020 provides that after evaluation of all compliant resolution plans as per the evaluation matrix, the committee of creditors shall vote on all compliant resolution plans simultaneously. The resolution plan, which receives the highest votes, but not less than sixty-six percent of voting share, shall be considered as approved.
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