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of <h1>Section 54L: Approval and Rejection Process for Pre-Packaged Insolvency Plans Explained in 30 Days</h1> Section 54L of the Insolvency and Bankruptcy Code, 2016, outlines the approval process for a resolution plan within the pre-packaged insolvency resolution framework. The Adjudicating Authority must approve the plan within thirty days if it meets the necessary criteria and ensures effective implementation. If the plan fails to meet the requirements, it can be rejected, leading to further proceedings under section 54N. Additionally, if the plan does not alter the management or control of the debtor to a non-promoter, the Authority must reject the plan, terminate the process, and initiate liquidation, including related costs.
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