https://www.taxtmi.com/caselaws?id=399094 The Tribunal dismissed the Appeal, upholding the binding nature of the approved Resolution Plan and emphasizing the importance of maintaining the integrity of the Corporate Insolvency Resolution Process (CIRP). The Appellant's arguments regarding jurisdiction to withdraw the plan post-approval and commercial unviability due to delays were rejected. The Tribunal held that once approved by the Committee of Creditors, the Resolution Plan becomes a binding contract, and the Resolution Applicant is estopped from withdrawing it, as allowing such withdrawal would harm the Corporate Debtor and stakeholders. en-us Wed, 30 Sep 2020 00:00:00 +0530 Sat, 03 Oct 2020 12:33:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399094 The Tribunal dismissed the Appeal, upholding the binding nature of the approved Resolution Plan and emphasizing the importance of maintaining the integrity of the Corporate Insolvency Resolution Process (CIRP). The Appellant's arguments regarding jurisdiction to withdraw the plan post-approval and commercial unviability due to delays were rejected. The Tribunal held that once approved by the Committee of Creditors, the Resolution Plan becomes a binding contract, and the Resolution Applicant is estopped from withdrawing it, as allowing such withdrawal would harm the Corporate Debtor and stakeholders. Case-Laws Insolvency and Bankruptcy Wed, 30 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399094