Resolution plan approval under insolvency law binds all stakeholders, ends the moratorium, and extinguishes pre-approval claims. Approval of a resolution plan requires the Adjudicating Authority to be satisfied that the committee of creditors-approved plan meets statutory ... Summary
Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Resolution plan approval under insolvency law binds all stakeholders, ends the moratorium, and extinguishes pre-approval claims.
Approval of a resolution plan requires the Adjudicating Authority to be satisfied that the committee of creditors-approved plan meets statutory requirements and provides for effective implementation. Once approved, the plan binds the corporate debtor, its employees, members, creditors, guarantors, and other stakeholders, including governmental authorities. The Authority may reject a non-conforming plan, must act within thirty days, and after approval the moratorium ceases, related records are forwarded to the Board, and pre-approval claims are extinguished subject to specified exceptions.
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