https://www.taxtmi.com/caselaws?id=304951 A resolution plan can be approved under section 31(1) of the Insolvency and Bankruptcy Code only if it is approved by the committee of creditors, complies with section 30(2), and contains provisions for effective implementation. The text notes that these requirements were met because the plan received the requisite voting share, the resolution professional certified compliance with the Code, CIRP Regulations and section 29A eligibility, and the plan provided for insolvency resolution process costs, treatment of operational creditors and dissenting financial creditors, monitoring and funding arrangements, and implementation safeguards. It was also noted that the plan did not contravene any law and performance security was furnished. The approved plan became binding on the corporate debtor and stakeholders, and the moratorium ceased to operate. en-us Fri, 24 Jun 2022 00:00:00 +0530 Mon, 07 Nov 2022 23:15:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=304951 A resolution plan can be approved under section 31(1) of the Insolvency and Bankruptcy Code only if it is approved by the committee of creditors, complies with section 30(2), and contains provisions for effective implementation. The text notes that these requirements were met because the plan received the requisite voting share, the resolution professional certified compliance with the Code, CIRP Regulations and section 29A eligibility, and the plan provided for insolvency resolution process costs, treatment of operational creditors and dissenting financial creditors, monitoring and funding arrangements, and implementation safeguards. It was also noted that the plan did not contravene any law and performance security was furnished. The approved plan became binding on the corporate debtor and stakeholders, and the moratorium ceased to operate. Case-Laws Insolvency and Bankruptcy Fri, 24 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=304951