valid as on 12/12/2019

IBC Section 31-Approval of resolution plan.
Effective from 01.12.2016 and font in blue is effective from 06.06.2018

If the Adjudicating Authority is satisfied that the resolution plan as approved by the committee of creditors under sub-section (4) of section 30 meets the requirements as referred to in sub-section (2) of section 30, it shall by order approve the resolution plan which shall be binding on the corporate debtor and its employees, members, creditors guarantors and other stakeholders involved in the resolution plan.

the Adjudicating Authority shall, before passing an order for approval of resolution plan under this sub-section, satisfy that the resolution plan has provisions for its effective implementation.

(2) Where the Adjudicating Authority is satisfied that the resolution plan does not confirm to the requirements referred to in sub-section (1), it may, by an order, reject the resolution plan.

(3) After the order of approval under sub-section (1),—

(a) the moratorium order passed by the Adjudicating Authority under section 14 shall cease to have effect; and

(b) the resolution professional relating to the conduct of the corporate insolvency resolution process and the resolution plan to the Board to be recorded on its database.

The resolution applicant shall, pursuant to the resolution plan approved under sub-section (1), obtain the necessary approval required under any law for the time being in force within a period of one year from the date of approval of the resolution plan by the Adjudicating Authority under sub-section (1) or within such period as provided for in such law,
whichever is later:

Provided that where the resolution plan contains a provision for combination, as referred to in section 5 of the Competition Act, 2002, the resolution applicant shall obtain the approval of the Competition Commission of India under that Act prior to the approval of such resolution plan by the committee of creditors.

It is clarified that the resolution plan approved by the Adjudicating Authority shall be binding, vide General circular No. IBC/01/2017 dated 25/10/2017. To view the Clarification, Click Here
Inserted vide Insolvency and Bankruptcy Code (Amendment) Act, 2019 notification dated 06.08.2019, effective from 16.08.2019. To view the amendment notification,Click Here and to view the commencement notification,Click Here
Inserted  vide the Insolvency and Bankruptcy Code (Second Amendment) Act, 2018 dated 17.08.2018 w.e.f., 06.06.2018. To view the Notification,Click Here 
Refer Circular on Filing of Forms for the purpose of monitoring corporate insolvency resolution processes and performance of insolvency professionals dated 14.08.2019. To view the circular,Click Here
Inserted  vide the Insolvency and Bankruptcy Code (Second Amendment) Act, 2018 dated 17.08.2018 w.e.f., 06.06.2018. To view the Notification,Click Here 

Commencement notification for the Insolvency and Bankruptcy Code (Amendment) Act, 2019 dated 16.08.2019


IBC-Enforcement Notification [S.O.3594(E)] dated 30/11/2016


Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018 dated 06.06.2018 [repealed by the Insolvency and Bankruptcy Code (Second Amendment) Act, 2018 dated 17.08.2018 w.e.f., 06.06.2018]


The Insolvency & Bankruptcy Code (Amendment) Act, 2019 dated 06.08.2019


The Insolvency and Bankruptcy Code (Second Amendment) Act, 2018 dated 17.08.2018 w.e.f., 06.06.2018


Clarification regarding approval of resolution plan under section 30 and 31 of IBC, 2016 dated 25/10/2017


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