SUPREME COURT
Committee Of Creditors Cannot Withdraw Resolution Plan After It Is Placed Before NCLT: Supreme Court
Case Title : Bank of India and Ors v. S.M Kamal Pasha and Ors
Case Number : Civil Appeal No. 12045 of 2026
CITATION : 2026 LLBiz SC 340
The Supreme Court on Monday held that the Committee of Creditors (CoC) cannot withdraw its approval of a resolution plan once it has been placed before the National Company Law Tribunal (NCLT) for approval under the Insolvency and Bankruptcy Code, 2016. The court examined Section 12A of the IBC, which provides for withdrawal of a corporate insolvency resolution process (CIRP) application with the requisite approval of the CoC, alongside Sections 30 and 31, which govern the approval of…