Approval of resolution plan requires authority satisfaction of statutory compliance and implementation before formal approval. When the Adjudicating Authority is satisfied that a committee approved resolution plan meets the statutory requirements and provides for effective implementation, it shall approve the plan within thirty days; if the plan does not conform, the Authority may reject it within thirty days and pass the prescribed termination order. If the approved plan fails to effect a change of management or control to a non promoter, the Authority must reject the plan, terminate the pre pack process, order liquidation under the relevant liquidation grounds, and include pre pack process costs as liquidation costs.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Approval of resolution plan requires authority satisfaction of statutory compliance and implementation before formal approval.
When the Adjudicating Authority is satisfied that a committee approved resolution plan meets the statutory requirements and provides for effective implementation, it shall approve the plan within thirty days; if the plan does not conform, the Authority may reject it within thirty days and pass the prescribed termination order. If the approved plan fails to effect a change of management or control to a non promoter, the Authority must reject the plan, terminate the pre pack process, order liquidation under the relevant liquidation grounds, and include pre pack process costs as liquidation costs.
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