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
