https://www.taxtmi.com/caselaws?id=425933 The National Company Law Tribunal rejected and disposed of the application for withdrawal of an approved resolution plan by a private limited company. The Tribunal emphasized the binding nature of approved resolution plans under the insolvency framework, citing a Supreme Court ruling that once a plan is approved, it is irrevocable between the Committee of Creditors and the successful resolution applicant. The applicant's request to withdraw the plan due to financial difficulties during the Covid-19 pandemic was not accepted, as the Tribunal noted the lack of provisions allowing for such actions post-approval. en-us Thu, 21 Jul 2022 00:00:00 +0530 Thu, 04 Aug 2022 08:33:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=425933 The National Company Law Tribunal rejected and disposed of the application for withdrawal of an approved resolution plan by a private limited company. The Tribunal emphasized the binding nature of approved resolution plans under the insolvency framework, citing a Supreme Court ruling that once a plan is approved, it is irrevocable between the Committee of Creditors and the successful resolution applicant. The applicant's request to withdraw the plan due to financial difficulties during the Covid-19 pandemic was not accepted, as the Tribunal noted the lack of provisions allowing for such actions post-approval. Case-Laws Insolvency and Bankruptcy Thu, 21 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=425933