https://www.taxtmi.com/caselaws?id=431776 The Tribunal held that the Committee of Creditors (CoC) cannot withdraw approval of a Resolution Plan after more than two years, and the Adjudicating Authority cannot direct the CoC to consider a new Resolution Plan from a third party who was not part of the Corporate Insolvency Resolution Process (CIRP). Once a Resolution Plan is submitted for approval, it is binding and irrevocable between the CoC and the Successful Resolution Applicant, as per the provisions of the Insolvency and Bankruptcy Code. The appeal was allowed, and the Impugned Order was set aside. en-us Mon, 19 Dec 2022 00:00:00 +0530 Wed, 21 Dec 2022 15:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431776 The Tribunal held that the Committee of Creditors (CoC) cannot withdraw approval of a Resolution Plan after more than two years, and the Adjudicating Authority cannot direct the CoC to consider a new Resolution Plan from a third party who was not part of the Corporate Insolvency Resolution Process (CIRP). Once a Resolution Plan is submitted for approval, it is binding and irrevocable between the CoC and the Successful Resolution Applicant, as per the provisions of the Insolvency and Bankruptcy Code. The appeal was allowed, and the Impugned Order was set aside. Case-Laws Insolvency and Bankruptcy Mon, 19 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431776