The existing Insolvency Framework in India provides no scope for effecting further modification or withdrawal of CoC approved Resolution Plans, at the behest of the Successful Resolution Applicant, once Plan has been submitted to the Adjudicating Authority – CoC of Educomp Solutions Limited through State Bank of India Vs. Mr. Mahender Kumar Khandelwal, RP of Educomp Solutions Ltd. – NCLAT New Delhi
NCLAT held that the Hon’ble Supreme Court in Ebix Singapore (2021) ibclaw.in 153 SC has observed that the existing Insolvency Framework in India provides no scope for effecting further modification or withdrawal of Committee of Creditors approved Resolution Plans, at the behest of the Successful Resolution Applicant, once Plan has been submitted to the Adjudicating Authority. The Hon’ble Supreme Court in its conclusion noted that ‘a Resolution Applicant, after obtaining the financial information of the Corporate Debtor through the informational utilities and perusing the IM, is assumed to have analysed the risks in the business of the Corporate Debtor and submitted a considered proposal. A submitted Resolution Plan is binding and irrevocable as between the CoC and the Successful Resolution Applicant in terms of the provisions of the IBC and the CIRP Regulations’. Keeping in view that the Hon’ble Supreme Court has dismissed the Appeal preferred by the Resolution Applicant, in Ebix Singapore Pvt. Ltd. (Supra), we are of the considered opinion that CA No. 195/PB/2018 is to be restored.