Justice DY Chandrachud and Justice MR. the back of Shah On the pleas of successful resolution applicants seeking reconsideration or withdrawal of resolution plans already submitted by the CoC, considering the lag in giving effect to these schemes due to pandemic delay in approval by the statutory authorities refused to pay attention.
In view of the severe impact of the pandemic on the corporate sector, it said, “it” court It is noted that the extraordinary circumstances of the COVID pandemic would have had a significant impact on the business of Corporate Debtors and on successful resolution applicants whose plans may not have been approved by the Adjudicating Authority in time due to innumerable reasons. But the legislative intent of the statute cannot be overridden by the Court to produce results that could have serious economic implications that would affect the viability of the IBC. ”
Summarizing the detailed yet comprehensive analysis of the law and developments in the area of insolvency and bankruptcy, Justice Chandrachud And Shah said, “We believe that the current insolvency framework in India, at the behest of the successful resolution applicant, gives no scope to effect further revision or withdrawal of CoC-approved resolution plans, once the plan is approved by the adjudicating authority.” has been handed over.”
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