Where it appears that application is filed collusively not with the purpose of Insolvency Resolution but otherwise, then despite fulfilling all the conditions of Section 7(5) of the Code, the AA can exercise its discretion in rejecting the application relying on Section 65 of the Code – Hytone Merchants Pvt. Ltd. Vs. Satabadi Investment Consultants Pvt. Ltd. – NCLAT New Delhi

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No provision in the Code which allows withdrawal of an approved Resolution Plan & the successful Resolution Plan incorporates contractual terms binding the Resolution Applicant but it is not a contract of personal service which may be legally unenforceable – Kundan Care Products Ltd. Vs. Mr. Amit Gupta Resolution Professional – NCLAT New Delhi

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