Sep 30, 2021

SC holds that a Successful Resolution Applicant Cannot Modify or Withdraw Resolution Plan Approved by CoC

The Supreme Court in Ebix Singapore Private Limited v. Committee of Creditors of Educomp Solutions Limited[1] held that once a resolution plan submitted by a resolution applicant is duly approved by the CoC, the adjudicating authority cannot permit subsequent modifications to and withdrawal of the resolution plan in accordance with the provisions of the IBC.


[1] Civil Appeal No. 3224 of 2020 and other appeals (Supreme Court, September 13, 2021).




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