The Supreme Court on Wednesday reserved its judgment on whether a resolution plan approved by the Committee of Creditors (CoC) can be withdrawn after it has been submitted to the National Company Law Tribunal (NCLT) for approval.
The Committee of Creditors (CoC) is the primary decision-making body under the Insolvency and Bankruptcy Code (IBC) for managing a financially distressed company’s insolvency process.
A Bench of Justices J B Pardiwala and K Vinod Chandran was hearing Indian Bank’s challenge to an April 20, 2026, order of the National Company Law Appellate Tribunal (NCLAT) in the insolvency proceedings of TD Toll Road Private Limited.
The appellate tribunal had overturned the NCLT’s decision permitting withdrawal of the…