Under the Insolvency and Bankruptcy Code, 2016 (“IBC”),the approval of a resolution plan under Section 31 of the IBC is statutorily binding on the corporate debtor, its creditors, and other stakeholders to the restructured arrangement embodied in the plan.

The Insolvency and Bankruptcy Code, 2016 (“IBC”) which came into force on December 1, 2016, marked a decisive shift in India’s approach to insolvency and its resolution.