The judgment addresses three civil appeals (Ebix, Kundan Care, and Seroco) concerning the withdrawal or modification of resolution plans under the Insolvency and Bankruptcy Code (IBC). The core issue revolves around whether a successful resolution applicant can withdraw or modify a resolution plan after its approval by the Committee of Creditors (CoC) but before its final approval by the Adjudicating Authority (NCLT/NCLAT). The Ebix appeal arises from a judgment of the NCLAT, which reversed the NCLT's decision allowing Ebix to withdraw its resolution plan for Educomp. The Kundan Care appeal challenges the NCLAT's dismissal of Kundan Care's application to withdraw its resolution plan for Astonfield. The Seroco appeal concerns the NCLAT's decision upholding the NCLT's
…1. Ebix Appeal (Educomp): Educomp initiated CIRP on May 5, 2017. Ebix was declared the successful resolution applicant on February 9, 2018, but its plan failed to achieve the required 75% voting share. CSEB's delayed vote increased the share to 75.35%. Ebix sought withdrawal due to delays and investigations into Educomp's financial transactions. The NCLT allowed withdrawal, but the NCLAT reversed, citing res judicata and lack of jurisdiction. SFIO and CBI investigations were ongoing.
2. Kundan Care Appeal (Astonfield): Astonfield initiated CIRP on November 20, 2018. Kundan Care's resolution plan was approved on November 14, 2019. Kundan Care sought withdrawal due to uncertainty regarding Astonfield's PPA with GUVNL, damage to solar panels, and repudiation of
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Educomp filed a…
The NCLT admitted…
The judgment addresses three civil appeals (Ebix, Kundan Care, and Seroco) concerning the withdrawal or modification of resolution plans under the Insolvency and Bankruptcy Code (IBC). The core issue revolves around whether a successful resolution applicant can withdraw or modify a resolution plan after its approval by the Committee of Creditors (CoC) but before its final approval by the Adjudicating Authority (NCLT/NCLAT). The Ebix appeal arises from a judgment of the NCLAT, which reversed the NCLT's decision allowing Ebix to withdraw its resolution plan for Educomp. The Kundan Care appeal challenges the NCLAT's dismissal of Kundan Care's application to withdraw its resolution plan for Astonfield. The Seroco appeal concerns the NCLAT's decision upholding the NCLT's
…1. Ebix Appeal (Educomp): Educomp initiated CIRP on May 5, 2017. Ebix was declared the successful resolution applicant on February 9, 2018, but its plan failed to achieve the required 75% voting share. CSEB's delayed vote increased the share to 75.35%. Ebix sought withdrawal due to delays and investigations into Educomp's financial transactions. The NCLT allowed withdrawal, but the NCLAT reversed, citing res judicata and lack of jurisdiction. SFIO and CBI investigations were ongoing.
2. Kundan Care Appeal (Astonfield): Astonfield initiated CIRP on November 20, 2018. Kundan Care's resolution plan was approved on November 14, 2019. Kundan Care sought withdrawal due to uncertainty regarding Astonfield's PPA with GUVNL, damage to solar panels, and repudiation of
Educomp filed a…
The NCLT admitted…