https://www.taxtmi.com/caselaws?id=412638 The Tribunal held that a resolution applicant cannot withdraw a resolution plan post-approval by the Committee of Creditors (CoC) under the Insolvency and Bankruptcy Code (IBC). The Adjudicating Authority's jurisdiction is limited to approving or rejecting a resolution plan within the parameters of Section 30(2) of the IBC. The Tribunal emphasized that the statutory framework does not provide for unilateral withdrawal of an approved plan under Section 60(5) of the IBC. The process note under Section 25(2)(h) of the IBC becomes binding on the resolution applicant upon participation in the insolvency resolution process. The Tribunal set aside the Adjudicating Authority's order allowing withdrawal and directed urgent approval of the resolution plan within one month, maintaining the IBC's integrity and objectives. en-us Mon, 20 Sep 2021 00:00:00 +0530 Wed, 22 Sep 2021 14:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=412638 The Tribunal held that a resolution applicant cannot withdraw a resolution plan post-approval by the Committee of Creditors (CoC) under the Insolvency and Bankruptcy Code (IBC). The Adjudicating Authority's jurisdiction is limited to approving or rejecting a resolution plan within the parameters of Section 30(2) of the IBC. The Tribunal emphasized that the statutory framework does not provide for unilateral withdrawal of an approved plan under Section 60(5) of the IBC. The process note under Section 25(2)(h) of the IBC becomes binding on the resolution applicant upon participation in the insolvency resolution process. The Tribunal set aside the Adjudicating Authority's order allowing withdrawal and directed urgent approval of the resolution plan within one month, maintaining the IBC's integrity and objectives. Case-Laws Insolvency and Bankruptcy Mon, 20 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=412638