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2021 (9) TMI 983 - AT - Insolvency and BankruptcyWithdrawal of resolution plan post approval of the same by the COC - jurisdiction of the Ld. Adjudicating Authority to approve or reject resolution plan - parameters/requirements prescribed under Section 30(2) of the Code fulfilled or not - can resolution applicant can unilaterally seek to withdraw an approved Resolution Plan - process note as mandated under Section 25(2)(h) of the Code - HELD THAT:- It is quite clear that the SRA could not have been allowed to withdraw the Resolution Plan after it had been approved by the CoC. The Adjudicating Authority had no jurisdiction to rely on residuary powers of Section 60(5)(c) to entertain the application of SRA. The grounds raised by SRA of delay also are clearly untenable. In the matter of ‘Ebix Singapore’ [2021 (9) TMI 672 - SUPREME COURT], Hon’ble Supreme Court has referred to Section 12 of IBC which stipulates the timeline within which the CIRP is to be completed. Regulation 40A of the CIRP Regulations provides a detailed model timeline for CIRP which accounts for all the procedural eventualities that are permitted by the statute and the Regulations - As observed by the Hon’ble Supreme Court, the Resolution Applicant is deemed to be aware of the IBC and its mechanisms. The Resolution Applicant, after obtaining the financial information of the Corporate Debtor through the informational utilities and perusing the IM, is assumed to have analysed the risks in the business of the Corporate Debtor and submitted a considered proposal. After the plan has been approved, the SRA could not be heard making the complaints regarding incomplete information (which here is even otherwise not established) to withdraw from the Resolution Plan. The grievance appears to be made just to raise a petit ground. The judgment in the matter of ‘Ebix Singapore’ [2021 (9) TMI 672 - SUPREME COURT] has been passed by the Hon’ble Supreme Court on 13th September, 2021, after the arguments in these Appeals were over. The Hon’ble Supreme Court has taken conspectus of the complete law on the subject and although the Learned Counsel for parties have made various submissions whether or not the power under Section 60 of IBC could have been exercised; whether or not the SRA had a good ground to withdraw; whether or not there was mis-information in Information Memorandum, we need not go into these details to burden this judgment with those details as the law is now clear on the issues as involved in the present Appeals. The matter is remitted back to the Adjudicating Authority. Adjudicating Authority is directed to consider the application filed by the Resolution Professional under Section 30/31 of IBC urgently and decide the same within one month - appeal disposed off.
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