Resolution plan compliance permits approval, but statutory waivers and regulatory permissions remain subject to competent authorities' separate jurisdiction.

A resolution plan unanimously approved by the Committee of Creditors may be approved where it satisfies mandatory requirements under the Insolvency and Bankruptcy Code, 2016 and the CIRP Regulations. The stated plan provided for resolution process costs, statutory minimum stakeholder payments, eligible resolution applicants, and management and implementation arrangements, and was approved with its addendum. Reliefs directly connected with the resolution process fell within the adjudicating authority's jurisdiction. However, approval of the plan did not automatically grant waivers, permissions, or approvals reserved for governmental, tax, regulatory, or other competent authorities; unidentified, future, and contingent reliefs were not accepted.

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Issues: Whether the resolution plan approved unanimously by the Committee of Creditors satisfied the statutory requirements for approval.

Analysis: The plan, carrying a resolution value of Rs. 165 crore, was approved by 100% of the voting share of the Committee of Creditors. The record established the resolution applicants' eligibility, provision for insolvency resolution process costs, payments to stakeholders in accordance with the statutory minimum, management and implementation arrangements, and compliance with the prescribed regulations. Reliefs directly connected with the resolution process were considered within the Authority's jurisdiction; however, waivers or approvals falling within the statutory domain of governmental, tax, regulatory, or other competent authorities were not automatically granted. Unidentified, future, and contingent reliefs were also not acceded to.

Conclusion: The resolution plan, with its addendum, was approved as compliant with the Insolvency and Bankruptcy Code, 2016 and the applicable CIRP Regulations, subject to the stated observations.

Ratio Decidendi: A resolution plan approved by the requisite Committee of Creditors majority is liable to approval where it satisfies the mandatory requirements of the Code and CIRP Regulations; approval does not itself confer waivers or permissions reserved for competent statutory authorities.

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