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Resolution Applicant Can Withdraw Plan Before Tribunal Approval Due to Financial Burdens, Highlighting Insolvency Process Flexibility.

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Full Text of the Document

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....Withdrawal of Resolution Plan after approval of the plan by CoC and pending approval by this Tribunal - The Resolution Applicant cannot be compelled to perform and execute the Resolution Plan when he apprehends huge losses, and should be permitted to withdraw the Plan submitted by him for approval of this Adjudicating Authority - Tri....