Supreme Court Upholds Binding Nature of Creditors’ Approved Resolution Plans, Directs NCLT to Decide Rival Applications and Rejects Improved Profitability Alone as Valid Withdrawal Ground
Facts
Creditors of a corporate debtor operating a national-highway toll project approved a resolution plan proposed by a successful resolution applicant (SRA), involving ₹172.55 crore. Litigation and a Supreme Court stay delayed NCLT confirmation; meanwhile, the debtor’s cash balance reportedly rose from ₹30 crore to ₹165 crore. The Committee of Creditors (CoC) unanimously sought to withdraw its approval and invite fresh expressions of interest. The debtor’s holding company separately proposed a one-time settlement (OTS) and exit…