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.

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)

Loading content, please wait...
Bar and Bench - Indian Legal news