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Resolution Applicant Can t Unilaterally Amend or Withdraw Resolution Plan after CoC Approval: SC

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).

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Improving The Functioning Of The National Company Law Tribunal – A Perspective

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.

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Debt resolution plan can t be withdrawn: SC

Debt resolution plan can t be withdrawn: SC
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SC asks NLCT, NCLAT to adhere to timelines under IBC

SC asks NLCT, NCLAT to adhere to timelines under IBC
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