While quashing an order passed by the National Company Law Appellate Tribunal (NCLAT), the Supreme Court reiterated that the Insolvency and Bankruptcy Code (IBC) does not allow the resolution applicant to unilaterally amend, modify, or withdraw the resolution plan after approval by the committee of creditors (CoC).
The National Company Law Tribunal (NCLT), established on 01 June 2016 under the Companies Act, 2013, is a premier tribunal in the commercial and economic field. Its primary litigants are financial.
Debt resolution plan can't be withdrawn: SC deccanchronicle.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from deccanchronicle.com Daily Mail and Mail on Sunday newspapers.
SC asks NLCT, NCLAT to adhere to timelines under IBC deccanherald.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from deccanherald.com Daily Mail and Mail on Sunday newspapers.