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IBC - Highlights / Catch Notes

Home Highlights April 2024 Year 2024 This

Withdrawal/modification of approved Resolution Plan - Section ...

Insolvency and Bankruptcy

April 16, 2024

Withdrawal/modification of approved Resolution Plan - Section 31(1) of IBC - The Supreme Court addressed cross-appeals concerning the approval of a resolution plan under the Insolvency and Bankruptcy Code, 2016. It reiterated the legal position established in a previous judgment regarding the withdrawal or modification of a resolution plan post-approval by the Committee of Creditors. Additionally, the Court dismissed allegations of fraud and misinformation, emphasizing the adequacy of information provided to the resolution applicants. As a result, the Court set aside the impugned judgment and approved the resolution plan submitted by the successful resolution applicants.

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