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of <h1>Section 31 of Insolvency and Bankruptcy Code: Resolution Plan Approval Process, Binding on All Stakeholders, Legal Approvals Required.</h1> Section 31 of the Insolvency and Bankruptcy Code, 2016, outlines the approval process for a resolution plan during the corporate insolvency resolution process. The Adjudicating Authority must approve the plan if it meets the criteria set by the committee of creditors and includes provisions for effective implementation. Once approved, the plan is binding on the corporate debtor, employees, creditors, and other stakeholders. If the plan fails to meet requirements, it may be rejected. Post-approval, the moratorium ceases, and records are forwarded to the Board. Necessary legal approvals must be obtained within a year, with specific provisions for combinations requiring Competition Commission approval.
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