Introduction:
The Supreme Court of India has reaffirmed the binding nature of a resolution plan approved by the Committee of Creditors (CoC) under the Insolvency and Bankruptcy Code, 2016 (IBC), holding that the CoC cannot withdraw its approval of a resolution plan after submitting it to the National Company Law Tribunal (NCLT) for approval merely because the financial position of the corporate debtor has improved in the meantime. The Court declined to interfere with the decision of the National Company Law Appellate Tribunal (NCLAT), which had rejected the CoC’s attempt to withdraw from an approved resolution plan after a substantial increase in the corporate debtor’s available financial resources.
A Bench comprising Justice…