https://www.taxtmi.com/caselaws?id=297182 An approved resolution plan could not be withdrawn merely because the resolution applicant later raised concerns about additional liabilities and encumbrances, since the plan had already been approved, part consideration was paid, and a bank guarantee was furnished, with no material concealment shown. The Tribunal also noted that the plan contemplated transfer of assets and leasehold rights free from encumbrances in favour of the lenders in the Committee of Creditors, and applied the principle that a subsequent charge holder cannot proceed without redeeming a prior charge. It therefore rejected withdrawal, granted only a limited clarification consistent with the plan, and refused broader modification of rights over the charged properties. en-us Mon, 05 Aug 2019 00:00:00 +0530 Sun, 22 Aug 2021 12:07:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=297182 An approved resolution plan could not be withdrawn merely because the resolution applicant later raised concerns about additional liabilities and encumbrances, since the plan had already been approved, part consideration was paid, and a bank guarantee was furnished, with no material concealment shown. The Tribunal also noted that the plan contemplated transfer of assets and leasehold rights free from encumbrances in favour of the lenders in the Committee of Creditors, and applied the principle that a subsequent charge holder cannot proceed without redeeming a prior charge. It therefore rejected withdrawal, granted only a limited clarification consistent with the plan, and refused broader modification of rights over the charged properties. Case-Laws Insolvency and Bankruptcy Mon, 05 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=297182