K. Apoorva, LLM (Corporate and Financial Law and Policy), Jindal Global Law School
ABSTRACT
In order to understand the irrevocability of resolution plans under the Insolvency and Bankruptcy Code (IBC) 2016, this paper examines the important case of Ebix Singapore Private Limited v. Committee of Creditors of Educomp Solutions Limited & Anr. Whether a successful resolution applicant is able to withdraw or amend the resolution plan after receiving approval from the Committee of Creditors (CoC) is at the foundation to this dispute. The National Company Law Tribunal (NCLT) as well as the National Company Law Appellate Tribunal (NCLAT) have both upheld the prohibition against such withdrawals this paper discusses the judicial justification for this position. The legal status of resolution plans under the IBC is made clearer by the Supreme Court of India's interpretation, which emphasizes the significance of due diligence including the finality of the CoC's approval rather than treating them as typical contracts. The present case maintains the integrity and efficacy of the insolvency resolution process by setting a major precedent for future insolvency cases and ensuring that resolution plans receive the serious consideration that they deserve.
Keywords: Resolution Plan, Committee of Creditors (CoC), Withdrawal of Resolution Plan, National Company Law Tribunal (NCLT).
