<h1>Resolution Professionals Don't Need Shareholder Approval for Insolvency Plans: Sections 30 & 31 of IBC Confirmed.</h1> The Ministry clarified that under Sections 30 and 31 of the Insolvency and Bankruptcy Code, resolution professionals do not need shareholder approval for insolvency resolution plans. This was confirmed by a government official in the Rajya Sabha. The Insolvency and Bankruptcy Board of India amended regulations to ensure credible resolution plans that maximize asset value. The government issued an ordinance, later replaced by the Insolvency and Bankruptcy Code (Amendment) Act, 2018, to strengthen the process by barring certain individuals from submitting resolution plans due to potential negative impacts on process credibility.