Resolution plan approval under creditor-initiated insolvency process requires creditor vote, submission by resolution professional, and authority order.

Application for approval of resolution plan under the creditor-initiated insolvency resolution process requires committee of creditors approval by not less than sixty-six per cent of the voting share, followed by submission of the approved resolution plan by the resolution professional to the Adjudicating Authority with the prescribed report. On receipt, the Adjudicating Authority must pass an order in accordance with section 31, which applies mutatis mutandis to proceedings under this Chapter.

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