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of <h1>Resolution Plan Under IBC Section 31: Binding on Debtor, Creditors, and Authorities; CoC Decisions Prevail; Limited Judicial Review</h1> The approval of a resolution plan under Section 31 of the Insolvency and Bankruptcy Code (IBC) is binding on the corporate debtor, employees, creditors, and government authorities. The Adjudicating Authority (AA) must ensure the plan meets legal requirements before approval. If the plan is inadequate, it may be rejected. Upon approval, the moratorium ceases, and records are forwarded to the Board. Resolution applicants must obtain necessary legal approvals within a year. The commercial decisions of the Committee of Creditors (CoC) are paramount and generally not subject to judicial review, except under specific sections of the IBC. Various case laws emphasize the limited scope of AA's jurisdiction and the binding nature of approved plans.
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