Section 24 - Amendment of section 31 - Insolvency and Bankruptcy Code (Second Amendment) Act, 2018

Amendment of section 31 24 . In section 31 of the principal Act, - (a) in sub-section (1), the following proviso shall be inserted, namely:- 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. ; (b) after sub-section (3), the following sub-section shall be inserted namely:- (4) The resolution applicant shall, pursuant to the resolution plan approved under sub-section (1), obtain the necessary approval required under any law for the time being in force within a period of one year from the date of approval of the resolution plan by the Adjudicating Authority under sub-section (1) or within such period as provided for in such law, whichever is later: Provided that where the resolution plan contains a provision for combination, as referred to in section 5 of the Competition Act, 2002 (12 of 2003), the resolution applicant shall obtain the approval of the Competition Commission of India under that Act prior to the approval of such resolution plan by the committee of creditors. .