https://www.taxtmi.com/caselaws?id=405719 Withdrawal of a resolution plan may be permitted after committee of creditors approval but before Tribunal approval where subsequently disclosed material information undermines the plan's commercial feasibility and creates a genuine apprehension of loss. A successful resolution applicant cannot be compelled to implement a plan prepared on materially altered assumptions regarding land availability and operational requirements. Where withdrawal causes the corporate insolvency resolution process to fail, the applicant may bear part of the process burden through partial forfeiture of the earnest money deposit and performance bank guarantee, while the remaining security may be refunded. en-us Fri, 19 Mar 2021 00:00:00 +0530 Fri, 26 Mar 2021 08:48:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405719 Withdrawal of a resolution plan may be permitted after committee of creditors approval but before Tribunal approval where subsequently disclosed material information undermines the plan's commercial feasibility and creates a genuine apprehension of loss. A successful resolution applicant cannot be compelled to implement a plan prepared on materially altered assumptions regarding land availability and operational requirements. Where withdrawal causes the corporate insolvency resolution process to fail, the applicant may bear part of the process burden through partial forfeiture of the earnest money deposit and performance bank guarantee, while the remaining security may be refunded. Case-Laws Insolvency and Bankruptcy Fri, 19 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405719