Section 31 of Insolvency and Bankruptcy Code 2016
[ Note : Section 31 comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ].
Approval of resolution plan.
31. (1) If the Adjudicating Authority is satisfied that the resolution plan as approved by the committee of creditors under sub-section (4) of section 30 meets the requirements as referred to in sub-section (2) of section 30, it shall by order approve the resolution plan which shall be binding on the corporate debtor and its employees, members, creditors, guarantors and other stakeholders involved in the resolution plan.
(2) Where the Adjudicating Authority is satisfied that the resolution plan does not confirm to the requirements referred to in sub-section (1), it may, by an order, reject the resolution plan.
(3) After the order of approval under sub-section (1),—
| (a) | the moratorium order passed by the Adjudicating Authority under section 14 shall cease to have effect; and | |
| (b) | the resolution professional shall forward all records relating to the conduct of the corporate insolvency resolution process and the resolution plan to the Board to be recorded on its database. |