https://www.taxtmi.com/caselaws?id=766018 NCLAT Principal Bench dismissed appeal challenging rejection of application to submit alternative resolution plan. Corporate debtor's resolution plan was already approved by Committee of Creditors and pending adjudicating authority's approval. Tribunal held that once CoC approves a resolution plan, it becomes binding inter se parties per SC precedent in Ebix Singapore case, and CoC cannot consider alternative plans. Despite appellant's argument that approved plan became unimplementable due to JV partner withdrawal, NCLAT ruled appellant lacked authority to submit new resolution plan after CoC's binding approval. en-us Tue, 11 Feb 2025 00:00:00 +0530 Sat, 15 Feb 2025 08:00:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766018 NCLAT Principal Bench dismissed appeal challenging rejection of application to submit alternative resolution plan. Corporate debtor's resolution plan was already approved by Committee of Creditors and pending adjudicating authority's approval. Tribunal held that once CoC approves a resolution plan, it becomes binding inter se parties per SC precedent in Ebix Singapore case, and CoC cannot consider alternative plans. Despite appellant's argument that approved plan became unimplementable due to JV partner withdrawal, NCLAT ruled appellant lacked authority to submit new resolution plan after CoC's binding approval. Case-Laws IBC Tue, 11 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766018