"Resolution Plan needs approval of not only the Committee of Creditors but also by the Adjudicating Authority to make it legally binding." Comment the statement briefly detailing the law enabling Adjudicating Authority t

The statement is correct. At first instance the Resolution Plan is approved by the Committee of Creditors with a Voting share of not less than sixty six percent as per Section 30 (4) of the Insolvency & Bankruptcy Code, 2016 (IBC). After approval, the Resolution Applicant shall make an Application to the Adjudicating Authority in terms of Section 30 (6) of IBC. According to Section 31 of the IBC, If the Adjudicating Authority is satisfied that the resolution plan as approved by the committee of creditors under section 30(4) meets the requirements as referred to in section 30(2), 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, guarantors and other stakeholders involved in the resolution plan. However, the Adjudicating Authority shall, before passing an order for approval of resolution plan, satisfy that the resolution plan has provisions for its effective implementation. Where the Adjudicating Authority is satisfied that the resolution plan does not confirm to the requirements, it may, by an order, reject the resolution plan.