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2021 (7) TMI 496 - Tri - Insolvency and BankruptcySeeking modification in Resolution Plan - incorporation of mutually agreed position regarding the grace period - permission to follow the revised timeline based on mutual agreement between the parties during the 9th CoC meeting - seeking grant of extension of two months to the timelines proposed under the Resolution Plan - HELD THAT:- The prayer to modify the Resolution Plan incorporating mutually agreed position regarding the grace period and to follow the revised timeline based on that cannot be accepted by this Adjudicating Authority, because once a Resolution Plan is approved by the Adjudicating Authority, it cannot be reopened and add another condition in the Plan. In this connection, the decision of Hon'ble the Supreme Court in Rahul Jain v. Rave Scans Pvt. Ltd [2019 (11) TMI 449 - SUPREME COURT] may be referred to, in which it was held that once a Resolution Plan is approved by the NCLT, it attains finality and cannot be disturbed. Since, it is clear that the Applicant failed to honour his commitments in complying with the conditions in the approved Resolution Plan, grant of any further time is not called for in this matter - application dismissed.
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