Once approved by CoC, withdrawal of a successful Resolution Plan not permitted under IBC: NCLAT

The NCLAT has clarified that there was no express provision in IBC to allow a Successful Resolution Applicant to stage a U-turn.
NCLAT
NCLAT
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The National Company Law Appellate Tribunal has held that once a Resolution Plan has been approved by Committee of Creditors, the successful Resolution Applicant cannot be permitted to withdraw it. (Kundan Care vs Amit Gupta)

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