2020 (7) TMI 732 - Tri - Insolvency and Bankruptcy

Withdrawal of resolution plan which was submitted before this Tribunal after approval of the COC - HELD THAT - The NCLT has no jurisdiction to permit withdrawal of the resolution plan which has been placed before the authority with due approval of the COC. Notwithstanding this fact it has been pointed out by the Counsel for the COC that another matter is subjudiced before the Hon ble Supreme Court in which inter-alia a similar request has been made. It will not be appropriate for this Tribunal to deal with an issue which is already subjudiced before the Hon ble Supreme Court - Application dismissed.

Summary

The National Company Law Tribunal rejected the application for withdrawal of a resolution plan, stating that it has no jurisdiction to permit withdrawal once approved by the Committee of Creditors. The matter is already subjudiced before the Hon'ble Supreme Court. The application was rejected.