(1) The resolution professional shall submit the resolution plan as approved by the committee of creditors to the Adjudicating Authority.

(2) If the Adjudicating Authority is satisfied that the resolution plan meets the requirements specified under sub-section (2) of section 30, it shall, within thirty days of the receipt of such resolution plan, by an 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.

(3) Where the Adjudicating Authority is satisfied that the resolution plan does not confirm the requirements specified under sub-section (2) of section 30, it may, by an order, reject the resolution plan.