Pre-packaged insolvency resolution plan approval turns on statutory compliance, effective implementation, and, in some cases, mandatory liquidation. Approval of a resolution plan under the pre-packaged insolvency resolution process requires satisfaction that the plan meets the requirements of section 30(2) and has provisions for effective implementation. If these conditions are met, the Adjudicating Authority must approve the plan within thirty days, and the approval has the statutory effect applied mutatis mutandis through section 31. If the plan does not conform, the Authority may reject it, with notice for rectification of defects before rejection, and in specified cases must reject the plan, terminate the process, and pass a liquidation order.
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Provisions expressly mentioned in the judgment/order text.
Pre-packaged insolvency resolution plan approval turns on statutory compliance, effective implementation, and, in some cases, mandatory liquidation.
Approval of a resolution plan under the pre-packaged insolvency resolution process requires satisfaction that the plan meets the requirements of section 30(2) and has provisions for effective implementation. If these conditions are met, the Adjudicating Authority must approve the plan within thirty days, and the approval has the statutory effect applied mutatis mutandis through section 31. If the plan does not conform, the Authority may reject it, with notice for rectification of defects before rejection, and in specified cases must reject the plan, terminate the process, and pass a liquidation order.
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