REGULATORY UPDATE: MINISTRY OF CORPORATE AFFAIRS-CLARIFICATION REGARDING APPROVAL OF RESOLUTION PLANS UNDER SECTION 30 AND 31 OF INSOLVENCY AND BANKRUPTCY CODE, 2016

The MCA vide its notification dated 25 October 2017 has clarified that approval of shareholders of the company for a particular action required in the resolution plan is deemed to have been given by the National Company Law Tribunal (NCLT), adjudicating authority. A resolution plan approved by the NCLT shall be binding on the corporate debtor and its employees, members, creditors, guarantors and other stakeholders involved in the resolution plan. Source: http://www.mca.gov.in/Ministry/pdf/CircularIBC_25102017.pdf

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