Resolution plan compliance and unanimous creditor approval can bind stakeholders and end the moratorium under insolvency law.

A resolution plan compliant with the Insolvency and Bankruptcy Code and CIRP Regulations, supported by 100% Committee of Creditors approval, may be sanctioned when the resolution applicant is eligible, the prescribed contents are met, and the Resolution Professional's compliance certificate is on record. Once approved, the plan binds the corporate debtor and stakeholders to the extent permitted by law, with implementation measures and claim extinguishment operating as set out in the plan. Requests for governmental or tax concessions are not automatically granted and are left to the appropriate authorities. Approval of the plan also brings the moratorium to an end.

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Issues: Whether the resolution plan, having been approved by the Committee of Creditors with full voting support, satisfied the requirements for approval under the Insolvency and Bankruptcy Code and the CIRP Regulations; and whether the plan, including the reliefs and directions sought, could be approved with binding effect on stakeholders.

Analysis: The plan was found to comply with the statutory requirements, including the eligibility of the resolution applicant, the prescribed contents of the plan, and the compliance certificate placed by the Resolution Professional. The plan had been approved by the Committee of Creditors with 100% voting share, and the Authority recorded satisfaction that the plan was feasible and viable and that it provided for settlement of stakeholder claims and implementation measures. The Authority also dealt with the reliefs and concessions by granting only limited directions, including extinguishment of claims as provided in the approved plan and leaving requests concerning governmental and tax concessions to the appropriate authorities.

Conclusion: The resolution plan was approved and made binding on the corporate debtor and other stakeholders, with the limited reliefs and directions recorded in the order.

Final Conclusion: The insolvency resolution process culminated in approval of the resolution plan, cessation of moratorium, and binding implementation of the plan in accordance with the Code and Regulations.

Ratio Decidendi: A resolution plan that complies with the Code and Regulations and is approved by the Committee of Creditors may be sanctioned by the adjudicating authority, and once approved, it binds the corporate debtor and stakeholders to the extent permitted by law.

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