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.
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Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018 dated 06.06.2018 [repealed by the Insolvency and Bankruptcy Code (Second Amendment) Act, 2018 dated 17.08.2018 w.e.f., 06.06.2018]
MCA Notification dated 19.01.2023 regarding Companies (Incorporation) Amendment Rules, 2023
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