https://www.taxtmi.com/caselaws?id=400918 The Tribunal allowed the withdrawal of the Resolution Plan post-approval by the Committee of Creditors (CoC), citing jurisdiction under Section 60(5)(c) of the Insolvency and Bankruptcy Code (IBC) in the interest of substantial justice. Emphasizing the importance of timeliness in the IBC process, the Tribunal directed the return of performance security to the Resolution Applicant, required modification of the process document for compliance with the IBC, and set a timeline for new Resolution Plans to avoid liquidation of the Corporate Debtor due to delays. en-us Tue, 08 Sep 2020 00:00:00 +0530 Sat, 21 Nov 2020 14:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400918 The Tribunal allowed the withdrawal of the Resolution Plan post-approval by the Committee of Creditors (CoC), citing jurisdiction under Section 60(5)(c) of the Insolvency and Bankruptcy Code (IBC) in the interest of substantial justice. Emphasizing the importance of timeliness in the IBC process, the Tribunal directed the return of performance security to the Resolution Applicant, required modification of the process document for compliance with the IBC, and set a timeline for new Resolution Plans to avoid liquidation of the Corporate Debtor due to delays. Case-Laws Insolvency and Bankruptcy Tue, 08 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400918