Supreme Court Rules Creditors Cannot Withdraw Approved Resolution Plan
The Supreme Court ruled that a Committee of Creditors cannot withdraw its approval after a resolution plan has been placed before the National Company Law Tribunal for approval, even if the company's financial position has improved.
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CoC Cannot Withdraw Resolution Plan Post NCLT Filing: Apex Court
New Delhi: The Supreme Court has ruled that a Committee of Creditors (CoC) cannot withdraw its approval given to a resolution plan after the same has been placed before the National Company Law Tribunal (NCLT) for approval even if the debt-laden company's financial position has improved considerabl…