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Corporate Law | CoC Cannot Withdraw Approved Resolution Plan Before NCLT: Supreme Court
🇮🇳 India · Economy · 6 h ago
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24.10 18:46 UTC
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Supreme Court: CoC Cannot Withdraw Approved Resolution Plan Before NCLT Approval
The NCLAT had rejected the Resolution Professional’s application, filed on behalf of the CoC, seeking withdrawal of approval for the resolution plan, and had revived the pending application for approval of that plan.
The Court nevertheless directed the NCLT to consider together the application for approval of the resolution plan and the holding company’s application seeking implementation of a one-time settlement (OTS) and an end to the corporate insolvency resolution process (CIRP).
Its case was that the corporate debtor’s financial position had substantially improved during the years in which the Resolution Professional was managing it.
Committee of Creditors of Educomp Solutions Ltd., which examined the period between CoC approval of a resolution plan and its confirmation by the Adjudicating Authority.
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