https://www.taxtmi.com/caselaws?id=428403 The insolvency framework does not recognise any post-submission or post-approval right for a successful resolution applicant to withdraw from an approved resolution plan. Later financial incapacity or subsequent developments do not create a legal entitlement to resile from binding commitments, because allowing withdrawal or renegotiation would undermine statutory timelines and the effectiveness of the resolution process. The approval order remains binding, and courts cannot create a withdrawal right in the absence of express legislative provision. The request to withdraw was therefore rejected. en-us Wed, 28 Sep 2022 00:00:00 +0530 Thu, 29 Sep 2022 16:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=428403 The insolvency framework does not recognise any post-submission or post-approval right for a successful resolution applicant to withdraw from an approved resolution plan. Later financial incapacity or subsequent developments do not create a legal entitlement to resile from binding commitments, because allowing withdrawal or renegotiation would undermine statutory timelines and the effectiveness of the resolution process. The approval order remains binding, and courts cannot create a withdrawal right in the absence of express legislative provision. The request to withdraw was therefore rejected. Case-Laws Insolvency and Bankruptcy Wed, 28 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=428403