(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, guarantors and other
stakeholders involved in the resolution plan.
(2) Where the Adjudicating Authority is satisfied that the resolution plan does not confirm to the requirements referred to in sub-section (1), it may, by an order, reject the resolution plan.
(3) After the order of approval under sub-section (1),-
(a) the moratorium order passed by the Adjudicating Authority under section 14 shall cease to have effect; and
(b) the resolution professional shall forward all records relating to the conduct of the corporate insolvency resolution process and the resolution plan to the Board to be recorded on its database.