Introduction
In Bank of India & Ors. v. S.M. Kamal Pasha & Ors., 2026 INSC 1154, the Supreme Court of India examined whether the Committee of Creditors (CoC) can withdraw its approval of a resolution plan before the National Company Law Tribunal (NCLT) confirms it, if the corporate debtor’s financial position has improved during the intervening period.
Factual Background
The dispute arose from a resolution plan approved by the CoC for a corporate debtor operating a toll-collection business on National Highway 45. The successful resolution applicant (SRA) had proposed a resolution amount of approximately ₹172.55 crore when the corporate debtor’s opening cash balance was around ₹30 crore. However, owing to delays in…