Effective implementation of resolution plans requires prior regulatory approvals and mandated post-approval statutory clearances within law specified timeframes.

The amendment mandates that the Adjudicating Authority satisfy itself that an approved resolution plan contains provisions for effective implementation. It also requires the resolution applicant to obtain all necessary statutory approvals within the law specified timeframe (or within one year if no longer period is provided), and where the plan involves a competition type combination, to secure competition clearance prior to committee of creditors approval.

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