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of <h1>Insolvency Resolution Plans Don't Need Shareholder Approval Per Sections 30 & 31 of Insolvency and Bankruptcy Code, 2016.</h1> The circular clarifies that during the insolvency resolution process under sections 30 and 31 of the Insolvency and Bankruptcy Code, 2016, there is no requirement for the corporate debtor's shareholders or members to approve the resolution plan. The resolution plan must comply with applicable laws and is legally binding once approved by the Adjudicating Authority. Any actions within the plan that would typically need shareholder approval under the Companies Act, 2013, are considered approved upon the Adjudicating Authority's sanction. This ensures the resolution plan is legally implementable and binding on all stakeholders involved.
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