Summary
In Bank of India v. S.M. Kamal Pasha, the Supreme Court held that once a CoC-approved resolution plan is submitted to the NCLT, the IBC does not allow the CoC to withdraw or modify it. Improved profitability of the corporate debtor during delayed implementation is not a ground to refuse approval of a compliant plan.
What it means for you
Lenders and resolution applicants are bound to a plan once filed, giving more certainty to IBC outcomes.
This summary is general information, not legal advice. The outcome of any case depends on its facts; read the source and take advice before acting.
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