Withdrawal of approved resolution plan barred where NCLT found no jurisdiction to permit post-approval withdrawal.

A resolution plan approved by the Committee of Creditors and placed before the NCLT cannot be withdrawn at the applicant's request where the Tribunal finds it has no jurisdiction to permit such withdrawal. The Tribunal also noted that a similar request was already pending before the Supreme Court, making independent consideration inappropriate. The application seeking withdrawal of the resolution plan was rejected.

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Issues: Whether the Resolution Applicant could be permitted to withdraw the resolution plan after approval by the Committee of Creditors.

Analysis: The Tribunal recorded that the resolution plan had already been placed before it with due approval of the Committee of Creditors and held that it had no jurisdiction to permit withdrawal of such a plan. It also noted that a similar request was pending consideration before the Supreme Court, making it inappropriate to decide the matter independently.

Conclusion: The request for withdrawal of the resolution plan was not allowed and the application was rejected.

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