Section 31 of IBC : Section 31: Approval Of Resolution Plan

IBC

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Explanation using Example

Imagine a company, "TechWidgets Ltd.", is unable to pay its debts and enters into Corporate Insolvency Resolution Process (CIRP). The Committee of Creditors (CoC), including banks and financial institutions, approves a resolution plan submitted by an entity, "InnovateCorp", which proposes to invest in and restructure TechWidgets Ltd. to make it financially viable.

The National Company Law Tribunal (NCLT), acting as the Adjudicating Authority, reviews the resolution plan. The NCLT confirms that the plan meets the requirements under section 30(2) of the I...

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