Category: IBC
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No approval of members for resolution plan under IBC – clarification by MCA
Insolvency and Bankruptcy Code, 2016 (the Code) Consent of members of Corporate Debtor not required for approval of the resolution plan or for its implementation. It is clarified by the Ministry of Corporate Affairs (MCA) on 25th October 2017 (vide General Circular No. IBC/01/2017) that once the resolution plan is approved by the Adjudicating Authority i.e. National Company Law Tribunal (NCLT), no further approval of the resolution plan…