Resolution plan approval in pre-packaged insolvency requires compliance with implementation conditions, failing which rejection and liquidation may follow. Approval of a resolution plan in a pre-packaged insolvency resolution process requires the Adjudicating Authority to approve the plan within thirty days if it meets the requirements of section 30(2) and contains provisions for effective implementation. If the plan does not conform to the required conditions, the Adjudicating Authority may reject it within thirty days and pass the consequential order under section 54N. Where the plan does not result in a change in management or control to a new person, the plan must be rejected, the process terminated, and liquidation ordered.
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.
Provisions expressly mentioned in the judgment/order text.
Resolution plan approval in pre-packaged insolvency requires compliance with implementation conditions, failing which rejection and liquidation may follow.
Approval of a resolution plan in a pre-packaged insolvency resolution process requires the Adjudicating Authority to approve the plan within thirty days if it meets the requirements of section 30(2) and contains provisions for effective implementation. If the plan does not conform to the required conditions, the Adjudicating Authority may reject it within thirty days and pass the consequential order under section 54N. Where the plan does not result in a change in management or control to a new person, the plan must be rejected, the process terminated, and liquidation ordered.
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