Amendment of section 31.

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....Authority may, on an application made by the resolution professional, with the approval of the committee of creditors, by a vote of not less than sixty-six per cent. of the voting share, in such form and manner, and subject to such conditions as may be specified, first approve the implementation of the resolution plan and thereafter approve the manner of distribution provided therein within a peri....

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.... (4), in the proviso, for the words "prior to the approval of such resolution plan by the committee of creditors", the words, brackets and figures "before the resolution plan is submitted to the Adjudicating Authority under sub-section (6) of section 30" shall be substituted; (e) after sub-section (4), the following sub-sections shall be inserted, namely:- "(5) Notwithstanding an....

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....cating Authority approves the resolution plan under sub-section (1),-- (a) unless otherwise provided in the resolution plan, any claim, against the corporate debtor and its assets under any other law for the time being in force, prior to the date of approval, shall be extinguished; and (b) no proceedings shall be continued or instituted against the corporate debtor or its assets ....