Section 31(1) in Insolvency And Bankruptcy Code, 2016
(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, [including the Central Government, any State Government or any local authority to whom a debt in respect of the payment of dues arising under any law for the time being in force, such as authorities to whom statutory dues are owed,] [Inserted by Act No. 26 of 2019, dated 5.8.2019.] guarantors and other stakeholders involved in the resolution plan.[Provided that the Adjudicating Authority shall, before passing an order for approval of resolution plan under this sub-section, satisfy that the resolution plan has provisions for its effective implementation.] [Inserted by Act No. 26 of 2018, dated 17.8.2018.]
