9911796707
TMI Blog2022 (9) TMI 1348X X X X Extracts X X X X X X X X Extracts X X X X ..... entire process undertaken. The IBC is process consists of different steps with a ultimate object of reviving the Corporate Debtor. Permitting Successful Resolution Applicant to withdraw after the Plan has been approved will have serious disastrous effect on whole purpose and object of IBC - On the submission made by Counsel for the Appellant that since he had no financial capacity to implement the plan he should have been allowed to withdraw, the Adjudicating Authority has rightly rejected his application. There is no merit in Appeal - The Appeal is dismissed. - Company Appeal ( AT ) ( Ins ) No. 1128 of 2022 - - - Dated:- 28-9-2022 - [ Justice Ashok Bhushan ] Chairperson And [ Barun Mitra ] Member ( Technical ) For the Appellan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Court in Ebix Singapore Pvt. Ltd. vs. Committee of Creditors of Educomp Solutions Ltd. Anr. (2022) 2 SCC 401. Ld. Sr. Counsel appearing for the Appellant submits that the Judgment of the Hon ble Supreme Court in Ebix Singapore (supra) is distinguishable and the cases which came for consideration where the cases where the corporate debtor was to undergo change and were not the cases where the Resolution Applicants due to heavy financial difficulty had prayed for withdrawal from the Resolution Plan. We have considered the submissions of the Ld. Counsel for the Appellant and perused the record. The Judgment of the Hon ble Supreme Court in Ebix Singapore (supra) has noticed the adverse effect on all businesses due to covid-19 pand ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing withdrawals or renegotiations has been provided, in the last eighteen months. In the absence of any provision under IBC allowing for withdrawal of the resolution plan by a successful resolution applicant, vesting the resolution applicant with such a relief through a process of judicial interpretation would be impermissible. Such a judicial exercise would bring in the evils which IBC sought to obviate through the back door . After noticing the adverse effect on all businesses the Hon ble Supreme Court had laid down that vesting any such power in the Successful Resolution Applicant to withdraw shall be impermissible. Further, to the same effect are the conclusions recorded in paragraph 220 which are to the following effect: 220. ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
