Approved Resolution Plan cannot be Withdrawn Unless the Breach of S. 30(2) of IBC: NCLAT

The National Company Law Appellate Tribunal (NCLAT) has ruled that an approved resolution plan cannot be withdrawn unless there is a breach of Section 30(2) of the Insolvency and Bankruptcy Code (IBC). The case involved a resolution applicant who sought to withdraw the approved plan, citing various reasons. The NCLAT found that the withdrawal was not justified, as there was no breach of the mandatory requirements under Section 30(2). The judgment emphasizes the binding nature of approved resolution plans and the need for resolution applicants to adhere to their commitments. This ruling provides clarity on the conditions under which an approved resolution plan can be withdrawn and reinforces the stability of the insolvency resolution process.