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of <h1>Resolution Plan Approval Process and Appeal Guidelines Under Sections 54L and 54M Explained for Corporate Insolvency Cases.</h1> The process for the approval and appeal of a resolution plan under the Pre-Packaged Insolvency Resolution Process for corporate entities. Under Section 54L, the Adjudicating Authority must approve a resolution plan within thirty days if it meets the necessary conditions, ensuring provisions for effective implementation. If the plan fails to meet requirements, it may be rejected, and a liquidation order can be issued. Appeals against the approval can be made under Section 54M on grounds such as legal contravention, irregularities, or improper debt provisions. Appeals against liquidation orders can be based on material irregularity or fraud.
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