alleryStart learning →What must a plan pay first, per section 30(2)(a)?
APromoter dues
BProcess costs
CEquity dividends
DDirector fees
Answer & Solution
Correct answer: B. Process costs
Section 30(2)(a) requires payment of insolvency resolution process costs in priority to other debts.
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Related questions
Which Code term means non-payment of debt that has become due and payable?The initiation date in section 5(11) is the day an application is what?How long is the insolvency resolution process period defined in section 5(14)?The insolvency commencement date is the date of what?The Centre may raise the minimum default under section 4 to at most how much?Besides the order, NCLT must issue what on liquidation under section 33(1)?A committee decision to liquidate under section 33(2) needs what share of voting?A plan's other legal approvals must be obtained within what time under section 31(4)?